Technical Pulse: Nanofilm Technologies International Ltd April 5, 2021 269
Nanofilm (SGX: MZH) corrective move is set to end based on the recent technical shown:
The falling wedge is a continuation pattern of the upside from November 2020 to January 2021.
Nanofilm has been on an uptrend since October 2020 and the falling wedge is just a continuation of the upside trend.
Prices has first broken out of the falling wedge and a throwback, follow by breaking the immediate resistance level at $5.10 with a strong bullish candle last Thursday.
*Timeline of the trade is 6 weeks from the date issued.
About the author
Chua Wei Ren Technical Analyst Phillip Securities Research Pte Ltd
Wei Ren specialises in Technical Analysis and has 11 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory. He believes that history plays an important role in how the market is reflected in the future.