Famous for cheese bread and high end food court, Breadtalk

My father love the cheese bread from this company. It is slightly salted due to the cheese conent and coupled with soft bread. What I like on the other hand is its high end food court. It is in no doubt that the food court is more expensive than others, at the same time Breadtalk is able to gang together a few reputed food outlets to join its band wagon of high end food court, with quality that more or less guaranteed. Its office is located at Tai Seng area and I can assure you that no one can miss it. So how does it fare?

Fig 1 Breadtalk weekly chart

Ok, it does not look good at the moment, influenced by the crisis created by China. Instead of a correction, I would prefer the term reversal. Yes, my personal opinion is that the Chin crisis created reversal in many countries. Just a side line here, I looked at STI on the Yahoo chart and it looks bad. It is presently at 2,800 but the minimum objective is 2,500. It dropped from a high of 3,500, crossed the neckline at 3,000. STI will retrace to 3,000 mark before it goes down to 2,500, objectively speaking.

As for Breadtalk? There is a possibility of 2 patterns, head and shoulders, or double top. If we consider a head and shoulders, Breadtalk has certainly reached its objective of 1.12 which supported this counter. But I see that the right shoulder is a little weak and therefore consider the second option, the neckline is certainly much lower at 1.27.with objective of 0.946. In this case, it has still some where to go.

As for indicators, they are at the bottom, so I guess a "correction" is about to take place to go back to the neckline. The moving average on the other hand has crossed, although weak. It does have some indication of this counter will continue its downward trend.

Lets hope that it does not affect the quality of its bread.