Mitsubishi Heavy Industries WCA - Rectangle Pattern
Company: Mitsubishi Heavy Industries
Ticker: 7011
Exchange: Tokyo Stock Exchange
Sector: Industrial
Introduction:
Hello and welcome to this week's technical analysis. We're focusing on Mitsubishi Heavy Industries, as represented on the weekly chart of the Tokyo Stock Exchange. The company's stock has formed an interesting rectangle pattern over the past 378 days, acting as a potential bullish continuation.
Rectangle Pattern:
A Rectangle pattern can act as a continuation or reversal signal, formed when price oscillates between two parallel lines—support and resistance. The eventual breakout direction might determine the continuation or reversal of the current trend.
Analysis:
Previously, Mitsubishi Heavy Industries' price has been on an upward trend, and this Rectangle pattern might signal a bullish continuation. The price has been moving within two clearly defined boundaries—upper at 5650 and lower at 4476. Both these boundaries have experienced two touch points each.
Significantly, this consolidation is occurring above the 200 EMA. Presently, we have seen a fresh breakout above the upper boundary, and we're patiently awaiting the weekly candle's close to plan a potential long entry.
Assuming the breakout is valid, our projected price target is at 6826, indicating a potential price rise of about 20.74%.
Conclusion:
The weekly chart of Mitsubishi Heavy Industries presents a possible bullish continuation pattern in the form of a Rectangle. A confirmed breakout above the upper boundary could offer a promising long entry opportunity.
As always, conduct your own research and consider appropriate risk management strategies when investing.
Thank you for joining this analysis session. If you found it valuable, please like, share, and follow for more market insights. Happy trading!
Best regards,
Karim Subhieh
Ticker: 7011
Exchange: Tokyo Stock Exchange
Sector: Industrial
Introduction:
Hello and welcome to this week's technical analysis. We're focusing on Mitsubishi Heavy Industries, as represented on the weekly chart of the Tokyo Stock Exchange. The company's stock has formed an interesting rectangle pattern over the past 378 days, acting as a potential bullish continuation.
Rectangle Pattern:
A Rectangle pattern can act as a continuation or reversal signal, formed when price oscillates between two parallel lines—support and resistance. The eventual breakout direction might determine the continuation or reversal of the current trend.
Analysis:
Previously, Mitsubishi Heavy Industries' price has been on an upward trend, and this Rectangle pattern might signal a bullish continuation. The price has been moving within two clearly defined boundaries—upper at 5650 and lower at 4476. Both these boundaries have experienced two touch points each.
Significantly, this consolidation is occurring above the 200 EMA. Presently, we have seen a fresh breakout above the upper boundary, and we're patiently awaiting the weekly candle's close to plan a potential long entry.
Assuming the breakout is valid, our projected price target is at 6826, indicating a potential price rise of about 20.74%.
Conclusion:
The weekly chart of Mitsubishi Heavy Industries presents a possible bullish continuation pattern in the form of a Rectangle. A confirmed breakout above the upper boundary could offer a promising long entry opportunity.
As always, conduct your own research and consider appropriate risk management strategies when investing.
Thank you for joining this analysis session. If you found it valuable, please like, share, and follow for more market insights. Happy trading!
Best regards,
Karim Subhieh
KSC
