Synear closed with a short black candle today at $0.33. I have to abandon my swing trading plan on this stock because the trend has ended and the stock price now enter into consolidation phase and move sideway. Synear does not meet my Value Investing criteria and I have removed Synear from my watchlist.
Finally see sign of retracement of Synear after the stock price closed at $0.34 today with a black candle. My timing was perfect in the last cycle when I bought Synear at $0.275 and sold at $0.34, making a handsome 21% profit in 6 days!
I predict the stock price will retrace back to $0.30 stay and inside the channel. My next swing trading plan is to enter the trade at $0.30 and exit at $0.36 with profit target of 20%. Wish my prediction comes true!
Synear probably takes a breather after a week gain of 22% from $0.275 to $0.335. This bearish doji candles end the uptrend and the stock price may go into consolidation. If next Monday trading ends with a bearish long candle, Abandoned Baby pattern will be formed showing a reversal bearish trend. The stock price may retrace back support line between $0.27 and $0.28. If the Abandoned Baby pattern is not formed, the stock may reach $0.365 after a temporary consolidation.
