EW Price Action Update

East West Banking Corporation

EW is forming a Bearish Engulfing candlestick pattern after the recent sharp rally. It's a potential sign of a stalling uptrend and may signal a possible pullback or consolidation to follow.

*In this condition, some traders who are after short term gains may choose to sell to protect the profit from recent advancement.

Trading Plan
- Avoid for now.
- If in a trade already, take some profit or scale down position. Profit run the rest of the position with trailing stop.

EW hit the initial breakout TP

East West Banking Corporation

EW hit last week the initial target from a Bullish Pennant pattern breakout around 26 (breakout measured TP = 26 ~ 26.85).

See previous analysis for more details on Bullish Pennant pattern breakout:
https://psetrends.blogspot.ae/2017/05/ew-on-potential-breakout.html

Trading Plan
- Take some profit or scale down position.
- Profit run the rest of the position with trailing-stop.

EW on potential breakout

East West Banking Corporation

EW is on a potential breakout from a Bullish Pennant pattern with measured price target around 26~26.85.

See previous analysis for reference to Pennant pattern prior to breakout:
https://psetrends.blogspot.com/2017/05/ew-price-action-analysis.html

Trading Plan
- Buy the breakout.
- Set stop loss on breakdown from recent swing low.

EW price action analysis

East West Banking Corporation

EW is potentially forming a Bullish Pennant pattern, considered a trend continuation pattern on breakout.

Trading Plan
- A potential trading buy on breakout.

EW Breakout Play Update

East West Banking Corporation

The measured target from Rounding Bottom breakout has been hit already (22~22.5 range). The previous breakout play was detailed here:
https://psetrends.blogspot.com/2016/07/ew-breakout-play.html

*Immediate support around 19.7 while the major support at 18.5.

Trading Plan
- Scale down position if trading the Rounding Bottom breakout and profit run the rest of the position using trailing stop.
- The 4-year downtrend line breakout play remains intact with projected TP around 24~25. Adjust stop-loss accordingly.

EW: Breakout Play

East West Banking Corporation

EW on a breakout galore:

• Breakout from its 4-year downtrend line at around 18.5. Projected target from this breakout is around 24~25. 
• Breakout from its major resistance at 18.5.
• Also a breakout from a Rounding Bottom pattern with potential target around 22~22.5.

These are considered significant breakouts due to confluence in breakout levels.

*Major support now at 18.5 (previous resistance prior to breakout now becomes a support).

Trading Plan
Choose a play with at least a 1:2 risk/reward ratio from your entry to potential targets mentioned above.