Luke8111

PRX - Adding some shares on this backtest of bullish breakout

Long
EURONEXT:PRX   PROSUS
PRX has been in a strong uptrend ever since it broke out of BLUE falling channel (note the perfect backtest of this breakout with the doji on May 4th). Now it's broken out of BLACK bullish ascending triangle , which has a conservative target of 93. 40 . Recent weakness looks like a backtest of triple support (the ascending triangle's flat and rising trendlines , and the 20 dma), and thus presents an attractive entry point for those who are bullish on this stock. Even if the RED trendline were to keep acting as resistance in the future, the price target can still be reached in little over a month.

Full disclosure: long PRX at 0.9% of total assets. While being a european company listed in Amsterdam, this stock is a great proxy for emerging market tech and especially e-commerce stocks, of which PRX holds a big diversified portfolio. It is almost a little EM tech fund in and of itself.