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Thursday, May 05, 2016

BAT: Bullish Reversal Achieved?

BAT has a candlestick pattern over the past 2 days that's very similar to a bullish engulfing pattern. The stock staged a fierce rebound yesterday after 4 days of sell-off which saw the stock shedding nearly RM14.00. However, BAT will immediately run into a resistance at RM47.70 from the gap down recorded on April 29. Can it surpass that level? If it failed to do so today, it may drift back down to RM45.00 for a short breather.

Based on bullish reversal, BAT could be a trading BUY.


Chart: BAT's daily cahrt as at May 4, 2016 9Source: Shareinvestor.com)
  
Note: 
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, BAT.

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