Penguin International (SGX: BTM) bullish recovery since March has continued to gain momentum. Despite the consolidation since 17th April, the wave analysis suggests that there is one more wave of upside before a sell-down resumes:
*Timeline of the trade should be between 1-3 weeks from the date issued.
*The overall trend is still on the downside as price is still trending below the 200-day moving average. Should price reverse and break the base of the pennant, the next rebound will likely happen at the support zone 1 between 0.445-0.465.
Red dotted line = 200 periods Moving average
Blue dotted line = 50 periods Moving average
Green dotted line = 22 periods Moving average
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