JFC price action update

Jollibee Foods Corporation

JFC remain toppish as it continues to tiptoe the resistance line of its upward price channel. Yesterday's candle also formed up a Bearish Harami pattern, a potential sign that the current uptrend is slowing down or may soon come to an end.

Trading Plan
- Avoid for now.
- Please see previous analysis for other potential action to take.
https://psetrends.blogspot.com/2018/01/jfc-looks-toppish.html

JFC looks toppish

Jollibee Foods Corporation

JFC's price action is now at the resistance line of an upward price channel. Yesterday's candlestick pattern also needs monitoring as it may develop into a bearish star pattern variant like an Evening Star pattern

*Major support at 260

Trading Plan
- For short term trading position, take profit or scale down position.
- Set trailing-stop on remaining position.

JFC previous harmonic pattern invalidated

Jollibee Foods Corporation

JFC's previous Bearish Butterfly harmonic pattern analysis has been invalidated due to recent breakdown from the immediate support area that happens to be the assumed B-leg of the harmonic pattern.

It is important to follow a trading plan appropriate for this kind of patterns that is still in the process of forming. See previous analysis here:
https://psetrends.blogspot.com/2017/05/jfc-price-action-update.html
https://psetrends.blogspot.com/2017/05/jfc-price-action-analysis.html

JFC price action update

Jollibee Foods Corporation

JFC fails to break the immediate resistance around 220 and formed up a Shooting Star candlestick pattern (bearish). The confirmation candle today also transforms the bearish candlestick pattern to an Evening Star pattern, considered a reversal pattern.

*Immediate support area is around 210~212.
*If immediate support area fails to hold, the Bearish Butterfly harmonic pattern will like be invalidated.

See the previous analysis of this bearish candlestick pattern and harmonic pattern including appropriate trading plan:
https://psetrends.blogspot.com/2017/05/jfc-price-action-analysis.html

JFC price action analysis

Jollibee Foods Corporation

JFC is potentially forming a Bearish Butterfly harmonic pattern with PRZ (Potential Reversal Zone) around 229.80 (228.80~231.50 range).  In the short term, it will need to break the immediate resistance around 220 to give it higher probability of completing the harmonic pattern.

The price action yesterday fails to break at close the immediate resistance at 220 and potentially formed up a Shooting Star candlestick pattern (considered a trend reversal pattern on confirmation).

Trading Plan
- Avoid for now if you are not in a trade yet.
- The PRZ area is a potential profit taking zone.

JFC is now at support zone

Jollibee Foods Corporation

JFC is now at major support zone at 175.50~184.60 range. The relatively longer candlestick body on the 4th day of consecutive down days (together with a huge volume), may potentially suggest an exhaustion bar due to panic selling.

*Monitor for reversal pattern at major support area.

JFC Consensus
Rating: Overweight
Target Price Forecast:
   - TP High = 260.00
   - TP Med = 229.50
   - TP Low = 173.00
   - Avg TP = 220.63

Trading Plan
- Buy the reversal pattern at support zone on confirmation (set stop-loss a few points below 175.50).
- For a high risk play, accumulate in tranches the dips in the major support area (or lower towards 170) for a position trade.