UNITED BREWERIES LTDPembelian
UBL Multi-Year Resistance Breakout
As can be seen in the chart,
In the past, in 2018 and 2019, UBL has formed a triple-top pattern.
UBL is now edging closer to the same resistance level of 1478.95.
On the daily chart , we can see a bullish marobuzo, and on the weekly TF, we can see a hammer candle near the trendline.
Bullish candles and the absence of the concept of four-tops formation suggest that the market is strong enough to finally break over a multi-year resistance level and achieve new highs.
Once a breakout occurs, it would confirm the ascending triangle breakout, which can lead to a target of ~2000 levels.
Width of the triangle is measured to project the target.
In the past, in 2018 and 2019, UBL has formed a triple-top pattern.
UBL is now edging closer to the same resistance level of 1478.95.
On the daily chart , we can see a bullish marobuzo, and on the weekly TF, we can see a hammer candle near the trendline.
Bullish candles and the absence of the concept of four-tops formation suggest that the market is strong enough to finally break over a multi-year resistance level and achieve new highs.
Once a breakout occurs, it would confirm the ascending triangle breakout, which can lead to a target of ~2000 levels.
Width of the triangle is measured to project the target.
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