Tri-Star Formation on New Toyo

I have been using Candle Stick more often lately, this is probably due to my hessitation in Creative earlier. Yes, I did not seel the chip even after a Gravestone Doji creating a shooting star (with confirmation). It made me lose my chance of selling at a higher profit. Nevertheless, there was profit.

On my earlier essay, I mentioned of a stock with a pattern that I did not like, and I promised that I would share. It is New Toyo.



Fig 1 New Toyo Daily chart

This counter is promising. It has created a triangle bottom and poised to move north ward with minimum target of about SGD0.27-0.28. I caught this stock late and was in fact late in entering this counter, nevertheless there is still some way to go.

While it has potential, its last 3 days move has been a waring sign. In fact by the end of today, it has completed a rare Tri-Star pattern. By right there is suppose to be some gap between each doji, the gap seen here is minimum, but the three Doji seems to be good enough warning for me. Of course the pattern will still need a confirmation and I did set my stop loss at SGD0.19. However, it si better to be safe especially when market is uncertain.

Moreover, the indicators are showing signs of fatique and starts pointing downward. This is again another tell tale sign of exiting this stock. I could be wrong but I have decided to still follow my instinct this round.