Thursday, March 23, 2017

RLC at major support

Robinsons Land Corporation

RLC's downtrend price action brought its price at major support area and potentially forming a Falling Wedge pattern (Bullish).

The Bullish Divergence pattern on some indicators also suggest a weakening downtrend and the bottom may be near already (RSI and EFI indicators shown on the chart below).

*Major support around 22.80.

Trading Plan
- Buy the breakout from Falling Wedge pattern.
- For a high risk entry, do a position trade near the support area and set a tight stop-loss a few points below the major support (like a breakdown from 22.75).


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