After 2 months of waiting, it looks like Tuna just broke out of consolidation. It has been forming an ascending triangle formation since the middle of last year and failed to break the resistance at P1.62. Today's closing at P1.80 with decent volume just broke that line. On top of this, it likewise broke out of it's long term downtrend line. It is now trading above all moving averages; MACD pointing upwards and is now above the zero line. Looks like bullish to me. Initial target price...at P2.10. Hopefully, it swims further.Thursday, January 8, 2009
Tuna Breakout?
After 2 months of waiting, it looks like Tuna just broke out of consolidation. It has been forming an ascending triangle formation since the middle of last year and failed to break the resistance at P1.62. Today's closing at P1.80 with decent volume just broke that line. On top of this, it likewise broke out of it's long term downtrend line. It is now trading above all moving averages; MACD pointing upwards and is now above the zero line. Looks like bullish to me. Initial target price...at P2.10. Hopefully, it swims further.
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