Sunpower Group (SGX: 5GD) upside is marked by an incomplete wave 3 of the minor phase. As such, we are positive that Sunpower will be heading beyond $1.00 in the long term. Technical also indicate that the bullish sentiment will continue.
- Sub-wave count of the wave 3 of the minor phase indicate that the upside is yet to be complete and the target price level of sub-wave (iii) is at the resistance zone of $0.720-$0.750 region.
- Morning star above the key support zone at $0.603-$0.620 region indicate a strong bullish upside.
- Golden cross can be found on late August when the 50-day moving average crosses above the 200-day moving average. Fast forward to November, the short term bullish golden crosses in which the 22-day moving average crosses above the 50-day moving average, further cementing the prospect of the main golden cross.
*Timeline of the trade is 4 weeks from the date issued.
CHART LEGENDS
Moving Average
Red dotted line = 200-day moving average
Green dotted line = 22-day moving average
Blue dotted line = 50-day moving average
