Tiong Woon -- Penant

I have been playing with Tiong Woon before I stopped for 2 years. As I sent through Tiong Woon chart again today, it seems like I have missed a huge part o its moved.



Fig 1 Tiong Woon Weekly Chart

Base on the chart, Tiong Woon has retreated from its peak to as low as SGD0.14, it has regained some ground since and now resting at 0.385. The more I see this chart, the more interest it is to me. It has in fact creating a penant, which is similar to a flag. So the flag fly half pole meaning that it is only half way to its final objective.

Base on the measurement, it should be heading towards SGD0.638. Good thing is that the weekly Moving Averages are both SUPPORTING the price, bad thing is that the cross is not very golden, so there is some risk involve. I would have to put in a stop loss at 0.365