Allco Reit today closed to confirm a busted descending triangle breakout downwards pattern. The close was above the downsloping trendline today. This after there was a breakout downwards of the base of the triangle last week which was <10%.
There was low volume before these breakouts.
Measured target is 0.905 but note the HCR from 0.865 - 0.915.
It is interesting to note that statistically busted descending triangle patters give a rise of 60%. Using 0.80 as the breakout price the statistical target is 1.28! DBSVickers just had a report with a TP of $1.23.
There is a necktie of the 25 and 50 day moving averages at 0.805. Support levels will thus be 0.805 and 0.775.
With the news of the loan refinancing done, there isn't much bad news on this counter for the time being. If the market continues to rally this will follow.
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