On February 19, G Invacom’s chart broke out of a classic triangle chart pattern, which would be considered a strong break if it closes at $0.055 or higher. In a previous instance, when the chart broke down from a descending triangle on November 19 of last year, the price dropped by 22% to reach its lowest point.
Similarly, when the price broke down from a triangle pattern on August 14, 2022, it fell by 30% over the next two months. Therefore, it’s possible that the price may rise again if G Invacom’s price breaks above the triangle chart pattern today.
As the price broke above the chart pattern, the stochastic indicator also moved above the 50 mark on both the daily and weekly charts.
Additionally, on September 5 of last year, the price also broke above a classic chart pattern on the weekly chart, and the uptrend has been intact since then.
G Invacom price target
By conducting a Fibonacci projection from the bottom of the chart pattern to the breakout point, the first target price for this breakout would be $0.066, followed by $0.079. This could potentially provide traders with a return of 23% to 47% over the next few weeks to three months.
On the downside, a stop-loss order could be placed at $0.041, providing a 1:1 risk-reward ratio based on just the 50% Fibonacci projection target price. Overall, this appears to be a favourable trade setup if traders enter a long trade based on the current price.“
About G Invacom
Global Invacom Group Limited is a top global company that specialises in satellite communications equipment and is listed on the Mainboard of SGX-ST. Well-known in the commercial RF (Radio Frequency) technology sector, our proficiency in research and development, design, and provision of products to major satellite broadcasters allows us to provide a complete selection of LNB (Low Noise Blocks) receivers, transmitters, transceivers, switches, and video distribution components to our clients. Our production facilities in Shanghai and Shenzhen, China also offer Electronics Manufacturing services for satellite communications goods, TV peripherals, computer peripherals, medical devices, and various other industrial and consumer electronic items.
The Group is dedicated to utilising its abilities to create and produce advanced reception, transmission, and media content distribution solutions. This will establish the Group as a top player in satellite communications products globally and a key participant in the integration of voice, data, and television in the expanding global media content sector.