Jardine C&C Ltd (SGX: C07) technical indicate a bullish revival after the stock has range bound for a year:
- The formation of a potential cup and handle whereby the cup is formed by a rounding bottom and the handle is the smaller ascending triangle. It is indicative of a potential reversal after the stock has been on a decline from 2017 onwards.
- There are two ascending triangle formation, which are indicative of a potential bullish upside break. Additionally, the resistance zone at $23.54-$24.04 has been tested for 4 times and each time it tested, there was couple of significant higher low. As such, the stock is positioning for a bullish upside.
- Golden cross is still intact as prices is still trending above all three major moving averages.
*Timeline of the trade is 8 weeks from the date issued.
CHART LEGENDS
Moving average
Red dotted line = 200 periods Moving Average
Blue dotted line = 50 periods Moving Average
Green dotted line = 22 periods Moving Average
