Barakah Breakout with Volume
Barakah is a PN17 company which is specialized in underwater pipe laying company. This company even own itself a pipe laying barge which is called Kota Laksamana which had dragged them into financial difficulities.
The main catalyst for Barakah to finally make a breakout from its downtrend channel is Petronas had lift off its suspension on PBJV.
There are another 2 catalyst that might turn to favor Barakah become into bullish, of course if it work out:
1) the submitted regularisation plan is accepted by SEC and it's PN17 status is revoke.
2) the result in arbitration amount Enquest Petroleum need to pay.
On chart pattern wise, Barakah was in downtrend bearish channel since Apr 2021. Until yesterday there is a positive sign that it had made a triangle breakout.
But, it had left a gap at 0.05 and if it is weakened due to some reason it may find its support at 0.03. (perhaps that double top might play out can trigger this to happen)
On the up side, if the chart can close at 0.08 or above, we could see double top formation to be cancel out. This could bring the price to next resistant at 0.09 followed by 0.110.
Disclaimer:
This is not a Buy / Sell call. This material is for learning purposes only.
Consult your financial advisor and trade at your own risk.
The main catalyst for Barakah to finally make a breakout from its downtrend channel is Petronas had lift off its suspension on PBJV.
There are another 2 catalyst that might turn to favor Barakah become into bullish, of course if it work out:
1) the submitted regularisation plan is accepted by SEC and it's PN17 status is revoke.
2) the result in arbitration amount Enquest Petroleum need to pay.
On chart pattern wise, Barakah was in downtrend bearish channel since Apr 2021. Until yesterday there is a positive sign that it had made a triangle breakout.
But, it had left a gap at 0.05 and if it is weakened due to some reason it may find its support at 0.03. (perhaps that double top might play out can trigger this to happen)
On the up side, if the chart can close at 0.08 or above, we could see double top formation to be cancel out. This could bring the price to next resistant at 0.09 followed by 0.110.
Disclaimer:
This is not a Buy / Sell call. This material is for learning purposes only.
Consult your financial advisor and trade at your own risk.
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