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WPCS great breakout. Indicators looking bearish and slightly broke trend. Will revisit under a dollar, Merger news can take this very high but it is important to manage risk. Especially since company has a history of dilution.
Strong trend line support (could revisit support level). I would not sleep on this low floater especially with Drop Car merger around the corner. First PT 1.45 with much more room to run.
News highlights surrounding wpcs merger proposition dated january 17th on next year
Inverse head and shoulders has formed since 14DEC on hourly, measuring rule implies 25.5% increase from breakout; however this is NOT a decisive breakout due to lack of volume and price not closing more than 2-3% of neckline. Keep close eye on pre-market. inital PT = 1.28, if it breaks decisively over 200 DMA then we could be in store for a much larger move ...
forming on bottom hourly, PT 1.2-1.4 by EOW; momentum becoming < negative since 13OCT, MACd pointed up and about to breakout up downtrend since Oct high and subsequently cross waterline into + territory. Fundamentally, news came out today w/ merger becoming effective.
This is not a Double bottom like textbooks but this is clear support from a Weekly point of view accompanied with a high a volume and a high volatility in the recent weeks.
and if you look a daily chart you can appreciate the past price rally and its respective pullback and the most important here is a new Higher Low above the major support.
To be more clearer: ...
brief description in the chart..I'm liking the bulls right now...
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Discount price. Long oversold. Estimate of a correction to about 0.93. An emerging bull market will help this cause.
With improved earnings, and an increasing stock price 50% up since the start of the month
Surly its cant be too long before the pumpers are ramping this again