Wing Tai Triangle

I was reading the charts the other day when I noted Wing Tai was at 1.67 with Symmetrical Triangle formation. Well, it was not exactly a triangle because it only has 4 points of contact. Nevertheless, I was thinking that it would still be possible for Wing Tai to establish its direction if it breaks the envelop and the target is 1.89.

The next day, it broke its envelop at 1.70 and moved towards 1.72. I saw that this would be an opportunity and placed an order at 1.70 with stop loss of 1.66. It was quite unfortunate that my orders were filled almost immediately, signalling a retreat from the peak of 1.72. It went back to inside the triangle formation.

Since then, I have to redraw my envelop to include the break-out and Wing Tai has since retreated encouraged by its descending RSI and Stochastic. It gapped down on open today to a level of 1.64 forcing me to activate stop loss immediately. It did momentarily retracted back to 1.67 before coming back down again. I would assume this counter to head south for now, envelop support at 1.59 with 89 days moving average at 1.62.

If this counter breaks the lower envelop, the triangle objective would be 1.409 for now. Obviously by now, reader will notice that there is no picture, this is because my up-loading fail again. So I guess I will have to up-load the chart later, just for the record.

Meanwhile, DJIA is heading to 0,500 level as I mentioned earlier. The resistance is some where between 10,514 to 10,529.