URC forming an Ascending Triangle

URC have been trying to come back after the fall last time which brought the price of URC to as low as 111.30 per share After that event, we have seen URC making higher lows but it seems the 120 mark is a hard resistance to break. This price action creates a what we called Ascending Triangle. This formation is a continuation pattern wherein after the consolidation (rest period) it will continue to move to the direction it made before the formation. In this case, URC may continue to fall. But there are also instances when after trying to break the resistance many times, the bears will give up allowing the bulls to rally. With bearish sentiment in our market today, where do you think this will go?

All Ichimoku elements are still in bearish mood with exception of Kijun Sen cross it created yesterday.


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