The weather has been raining for the past few days here in SG and we were told that this pattern might continue ........
And to many Chinese, they love to eat steamboat ! And one popular restaurant serving steamboat that offers excellent customer service and wide variety of food is Haidilao. If you have been to any of their outlets here , it is not surprising to queue for more than a hour before you can get a table.
Of course now they are affected by the COvid and how many patrons allowed per table. Hopefully, with the vaccination rates going up and eventually economy picking up, more people will return to the norm and go eat their favourite steamboat !
The chart shows a double bottom pattern within the channel but I am not nibbling prematurely as it could possibly have another leg down. So, I will wait patiently for it to breakout first .........
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This is a sad case where patterns do not apply 100% all the time ! Look at the peak at 85 in Feb 2021 and is now trading below 12 .