Straits Asia Resources (SAR) has completed the breakout from a Falling Wedge after testing the support at the breakout point (shaded in green) which is also the 50D MA support. Currently SAR is testing a long term trend of 200D MA resistance at about $2.14. If this resistance is broken and turned to support, SAR is on the way to reach its price target of minimum $2.60. Falling Wedge in an up trend is a continuation pattern.
- Post author:Marubozu
- Post published:August 27, 2010
- Post category:Straits Asia
- Post comments:1 Comment
Tags: Falling Wedge