Tat Hong – Will its flag look-a-like crane breakout for higher high?

Trend: Uptrend, 20ma up, Macd above 0

Support: 0.96 (20ma &200ma close),0.94 (50 & 100ma close)

Resistance: 0.99, 1.02

Observations
Candlestick – Short Black candle.
Histogram – 4Rs. No Bearish divergence is seen.
RSI – Around 68%. No Bearish divergence is seen.
Stochastic –No bullish crossover yet.
Bollinger Band – Close to Mid band.

Conclusion:
Tat hong recently caught my attention as it had just broke for a higher high and recently, it had start to form a possible flag formation. The trend of Tat hong is now uptrend and there is a possibility of forming a higher low currently. Higher lower could be formed at the support level of 0.96 which confluences with 20ma. But we also have to watch out for 200ma which is sitting at 0.97 level. Based on the indicators, there are no signs of bullishness yet and hence, price could reach the discussed support level.
On the other hand, if Tat hong decides to break out of the flag formation without testing the support, it must first break the resistance level of 0.99 to confirm the upside. This breakout must be accompanied with high volume of more than 0.43mil in order for a successful breakout. Based on the flag projection, the projection is up till 1.05 level. But do take note that the next resistance for Tat Hong is at 1.02 level.
In conclusion, we can either wait for confirmation of a higher low to be formed at 0.96 level or a breakout of 0.99 level before we enter a position for Tat hong.

What to watch out for this week:
1) Formation of bullish signals at 0.96 level
2) Breakout of 0.99 level with high volume

Trading strategy to adapt right now:
- Wait for formation of bullish signal at 0.96 level before going long.
- Enter long when price breakouts of 0.99 with more than 0.43 mil volume.

*Disclaimer Applies