Bullish Breakout: MTD Infra

Another one of my Watchlist stocks MTD Infraperdana broke out of the Flag pattern strongly on high volume. It also formed a cup & handle (see my last post on this http://talkingstock.blogspot.com/2006/07/watchlist-mtd-infra-bullish-formation.html )

There is confirmation of Flag and C&H breakout with high volume and breach of the recent peak of 1.44 which forms one side of the cup & also the top of the flag. I would have liked to see a longer consolidation & a longer handle for the cup, but that does not mean the breakout is invalid. Once it breaks out of the May high of 1.50, this stock will move up strongly.

Next resistances are: 1.70, 2.15, 2.55 & 3.00

TP is 1.85 based on the flagpole starting with the opening price on 29 June & closing high on 5 July.

If volume continues to be high tomorrow & prices move above 1.50, then this is a solid buy. I peg a TP of minimum 1.85 but it could go much higher & 2.15 is a good possibility.