Raffles Education breaks out from a Falling Wedge today with a spike in trading volume. Could this be a start of the bull run for RafflesEdu? I think not yet. To be safe on a good entry, need to watch out for the following:
- RafflesEdu immediately face a 200D MA resistance after the breakout. Need to see whether the bull has enough steam to pierce through this 200D MA resistance with healthy volume.
- If this 200D MA resistance is broken, we need to watch whether the pull back of the stock price can stay above this 200D MA, ie. make the resistance becomes support.
- Also take note that the 200D MA long term trend is still sloping down.
- Need to watch the 20D, 50D and 200D MA crossover to confirm the downtrend has stopped and reverse to the up trend.