Technical Breakout: Scientex Berhad (4731)

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SCIENTX broke below its 5-month support (S1) at 8.75 and completed a head and shoulders pattern on 4th Mar 2019. The stock dropped 3.3% or 29 sen with 1.19mil shares in the following day. This reaction shows that the market is responding to the completion of the chart pattern.

A head and shoulders pattern is a classic chart formation that resembles a baseline with three peaks, the outside two are close in height and the middle is highest. A head and shoulders pattern describes a specific chart formation that predicts a bullish-to-bearish trend reversal. The head and shoulders pattern is believed to be one of the most reliable trend reversal patterns. To learn more about this pattern you can click the following.
Based on technical analysis , this stock has a price target (T1) at 7.88.

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