Historical Movement
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1) After PTARAS shares price completed rising wedge (before Y2013) on May 2, 2013, it started a strong upward trend. Then, it formed a pennant pattern and breakout upper resistance line and the first level of upward satisfaction as: -
- RM2.545 - RM1.485 = 1.060
- RM2.615 + 1.060 = RM3.675
2) In this study case, PTARAS shares price continued to challenge the second level of upward satisfaction at RM4.735 as below (Learning point: Normally, the shares price will have great pressure of retracement after they challenge the second level of satisfaction): -
- RM3.675 + 1.060 = RM4.735
3) With 2 levels of upward satisfaction, PTARAS shares price has great selling pressure to move upward than it formed a big head shoulder and fall out neckline at RM3.845 on Jun 25, 2015.
4) After 422 trading days, PTARAS shares price completed rising wedge and breakout upper line on May 22, 2017, with huge transaction volume in past one year. (Learning point: not all breakout is a confirmed upward trend and downward trend, we need to review and set stop loss if charting movement go against us).
5) However, PTARAS shares price unable to sustain at a higher price range then it falls back to the wedge’s areas, so we considered it is a fake breakout and has great possibilities to fall further.
6) On Feb 23, 2018, PTARAS shares price opened a huge gap down and fallout wedges areas so we were able to calculate the first level of downward satisfaction: -
- RM3.070 - RM3.700 = -0.630
- RM3.650 - 0.630 = RM3.020
7) PTARAS shares prices continue downward tread and drop more than the second level of downward satisfaction: -
- RM3.020 - 0.630 = RM2.390
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