Japfa Ltd (SGX: UD2) sell call on 13^th November 2020 has achieved its first target at $0.750 which subsequently rebounded with a strong rally and in the process confirming the impulse move. Further technical suggest that the stock will continue its bullish rally:

1. Since the rebound at $0.750. The stock has confirmed the impulse wave (3) of the intermediate phase and it is still ongoing as suggested by the sub-wave (i)-(v) for the first set.
2. Bullish breakout of the flag indicates further continuation. To add on, the bullish candle resembles a morning star in the making.
3. Ichimoku’s “Sanyaku Kouten” is still valid as prices is still trending above all 5 key Ichimoku indicators. Furthermore, the bullish candle has broken above the Tenkan-Sen on Tuesday.

*Timeline of the trade is 4 weeks from the date issued.

CHART LEGENDS

Ichimoku Kinko Hyo

Red dotted line = 9 Periods Tenkan-Sen

Blue dotted line = 26 periods Kijun-Sen

Green Line B= 52 periods Senkou Span B

Pink Line A = 26 periods Senkou Span A

Black line = 26 periods Chikou Span. Lagging line