1. Palm Hills Developments
Stock Call | Technical Analysis
Real Estate | Egypt
Monday, 25 May 2015
Be the first with the new trend
Palm Hills Developments (PHDC.EGX) has been moving in a medium-term downtrend, reaching its lowest
level at 2.41 last April. It has risen since then, reaching 2.96 before recording another low at the same
level 2.41 mid-May to form a "double-bo om" (a W shape) which is a reversal pa ern. Yesterday, the stock
penetrated the neckline at 2.96 decisively with a good volume, fulfilling the formation of the pattern.
Now, we believe the trend is reversed, and the minimum objec ve for this reversal pa ern is 3.50
(incidentally our first resistance target); the next is 3.85.

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