IQGROUP (5107): Bullish
Pattern: Rounding Bottom Breakout Plus Uptrending Channel
Based on IQGROUP's weekly chart above, we can observe that the bullish momentum of IQGROUP accelerated once it broke out from the first channel from July till Dec 2016. Subsequently, it trends nicely within the second channel with a higher degree gradient (i.e. trend acceleration).
As shown in IQGROUP's daily chart above, it formed a rounding bottom, broke out and did a retest of the neckline before going to trend upwards within the channel.
Based on IQGROUP's characteristics, a buy on dip could form a good trading plan.
It is also worth to note that IQGROUP gapped up yesterday with a strong bullish candle and might break out from the channel. Should it break out, we might see trend acceleration like it did as shown in IQGROUP's weekly chart, which will be become a parabolic uptrend.
Based on the rounding bottom pattern, the projected target price are 4.07 (already hit), 4.8 and 5.23.
I maintain my bullish view on IQGROUP as long as it is trading above 3.50.
Leave me a comment below and let me know what you think. If you have
any queries or want to share the next big stock with me, feel free to
contact me via my email or FB page below.
Topics That You Do Not Want To Miss
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Cheers,
Ming Jong
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