DD on another breakout

DoubleDragon Properties Corp.

DD is on another breakout from recent Rectangle consolidation pattern. A Rectangle is a continuation pattern that forms as a trading range during a pause in the trend. Measured target from this breakout is around 43 (already hit).

Check this link for more details on Rectangle chart pattern characteristics:
Rectangle (Continuation) - stockcharts.com

The previous breakout from Bullish Pennant pattern on the daily chart also remains valid with a measured target of 49.
http://psetrends.blogspot.com/2016/03/dd-chart-update-breakout-from-bullish.html

*There's also another breakout on the weekly chart from Rectangle consolidation pattern that remains valid with measured target around 44 (breakout from 26 resistance).

DD Chart Update (trend continuation pattern)

DoubleDragon Properties Corp.

DD is again on another breakout from a Bullish Pennant pattern, a trend continuation pattern. Projected target from this breakout is around 49 (45~49 range).

*DD is overbought on many indicators.

Previous DD update:
http://psetrends.blogspot.com/2016/01/dd-position-trade.html

Trading Plan
- Hold and profit run the remaining position from previous trade (see previous DD post).
- If trading this pattern, set tight stop around 32.7 for a risk/reward ratio of at least 1:2 (to initial tp at 45).

SMC: Sell signal

San Miguel Corporation

A bearish divergence pattern on RSI has formed up as price entered the resistance zone. This is a potential sign of an impending pullback or correction to follow. RSI also gave a sell signal as it crosses below the overbought territory.

A 3-Inside Down candlestick pattern also formed up at the resistance zone which is considered as a high reliability reversal pattern.

*Selling pressure has already started but still requires confirmation (Chaikin Money Flow).

Trading Plan
- Take some profit or scale down (trail stop the remaining position).

MBT: Breakout from Inverted H&S and 11-month downtrend line

Metropolitan Bank & Trust Company

MBT is currently on a breakout from two bullish patterns with one measured target range already hit.

1. Breakout from Inverse Head-and-Shoulder pattern with projected TP = 90~92.
2. Breakout from its 11-month downtrend line with measured TP around 80~81.

*RSI at overbought territory.

*Immediate resistance area at 86~87.5.

Trading Plan

- If trading the 11-month downtrend line breakout, take some profit or scale down position and profit run the rest with trailing stop or break-even stop.

- If trading the Inverse H&S pattern breakout, set TP around 90~92. Adjust stop-loss to at least break even point.

EDC: Short term profit taking pattern

Energy Development Corporation

EDC has potentially completed a Bearish AB=CD harmonic pattern with potential reversal zone (PRZ) around 6.29 (6.21~6.38 range). The harmonic pattern also potentially completed as EDC hits the immediate resistance at 6.30.

*RSI entered the overbought territory while price failed to break resistance, a bearish sign.
*Trend remains strong (DMI/ADX).
*Buying pressure remains intact.

Trading Plan
- Wait for reversal pattern.
- Or take some profit/scale down position and profit run the rest with trailing-stop.