Raffles Medical (BSL) Expected to enter into Mark Up phase
I had some time this evening, thus, decided to conduct the Wyckoff Accumulation zone (Buying Tests) analysis on the stock. We expect the stock to mark up from here with target price at S$1.29. Stock's price action has passed 7 out of the 9 Wyckoff Method test as follows.
Buying Tests (Passed)
1. Downside price objective accomplished
2. Preliminary support, selling climax, secondary test established
3. Activity bullish (volume increases on rallies and decreases on reactions) Observed
4. Downward stride broken (that is, supply line penetrated)
5. higher supports observed
6. Higher tops observed
8. Base formed with horizontal price line broken
Buying Tests (Failed)
7. Stock not stronger than the market
9. Estimated upside profit potential is less than three times the possible loss
Buying Tests (Passed)
1. Downside price objective accomplished
2. Preliminary support, selling climax, secondary test established
3. Activity bullish (volume increases on rallies and decreases on reactions) Observed
4. Downward stride broken (that is, supply line penetrated)
5. higher supports observed
6. Higher tops observed
8. Base formed with horizontal price line broken
Buying Tests (Failed)
7. Stock not stronger than the market
9. Estimated upside profit potential is less than three times the possible loss
Trade closed manually