aderoy

$3800 GCI-Poly Energy: Potential buying opportunity

Long
HKEX:3800   GCL-POLY ENERGY HOLDINGS LIMITED
I had another glance at the 3800 GCI-Poly chart and noticed the formation of a double-bottom price pattern. Nothing has changed from my previous fundamental and technical analysis of the company.

The W - Formation presents another buying opportunity to my every growing bag. If the typical double bottom formation is respect, we expect price to initially retrace, at the very least, to the W-neckline (to a price of around $0.405) before continuing in an upward trend.

This retracement presents buying opportunity and I already have a BUY order waiting to seize the opportunity if it present itself. If the retracement doesn't happen, then the next price target will be the next Fib level of 0.272 (price of $0.525).