This written by user Spinning_Top from Investing Note.
Tale of my trade: Unexpected fast profit from swing trade: Keppel Corp
$Keppel Corp(BN4.SI)
#TA
Pattern used: Thee Buddha Bottom (Inverted Head and Shoulders)
EP : 6.02
Stop Loss : 5.80
Original TP : 6.32
Final TP : 6.75
Keppel Corp had exhibited some volatility in price during end Dec 2018 closing at a low of 5.67 to almost 7 dollars in Apr 2019. In early Oct 2019, I noticed that a Three Buddha Bottom had formed (see circle A, B, C). B is a crucial support when it is also at the exact same support point at ZZ (5.67) in Dec 2018. When price hit 5.67, it bounced, so you know it is very strong.
When the price bounced back up at C (to become the Three Buddha Bottom), it had the potential to reach at least 6.35 (the peak between B and C).
I made my entry on Mon 14 Oct at 6.02 when it opened above the 21 DMA. Sadly, it closed lower on the day. The next few sessions, it was moving sideways.
On Fri 18 Oct, due to less than stellar results, the price plummeted and reach a low of 5.84. I did not sell as I made my stop loss at 5.80 (1 point lower than support C).
On Mon 21 Oct, there was a trading halt and by afternoon, I learnt of a partial offer of 7.35 by Temasek Holdings.
As this is a designated trading play, I do not intend to wait for the offer to materialize ( 1 year later) with all conditions met, I sold off on Fri 24 Oct morning at 6.75 when the momentum was still building up.
$Keppel Corp(BN4.SI)
#TA
Pattern used: Thee Buddha Bottom (Inverted Head and Shoulders)
EP : 6.02
Stop Loss : 5.80
Original TP : 6.32
Final TP : 6.75
Keppel Corp had exhibited some volatility in price during end Dec 2018 closing at a low of 5.67 to almost 7 dollars in Apr 2019. In early Oct 2019, I noticed that a Three Buddha Bottom had formed (see circle A, B, C). B is a crucial support when it is also at the exact same support point at ZZ (5.67) in Dec 2018. When price hit 5.67, it bounced, so you know it is very strong.
When the price bounced back up at C (to become the Three Buddha Bottom), it had the potential to reach at least 6.35 (the peak between B and C).
I made my entry on Mon 14 Oct at 6.02 when it opened above the 21 DMA. Sadly, it closed lower on the day. The next few sessions, it was moving sideways.
On Fri 18 Oct, due to less than stellar results, the price plummeted and reach a low of 5.84. I did not sell as I made my stop loss at 5.80 (1 point lower than support C).
On Mon 21 Oct, there was a trading halt and by afternoon, I learnt of a partial offer of 7.35 by Temasek Holdings.
As this is a designated trading play, I do not intend to wait for the offer to materialize ( 1 year later) with all conditions met, I sold off on Fri 24 Oct morning at 6.75 when the momentum was still building up.
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