Stock Picks: EDC getting ready to hit its all time high

Figure 1: EDC Price Chart

This year I will be making some new additional to my blog post. Aside from making my weekly PSE Index analysis, I will also be posting from time to time some of my stock picks. Here is my first of those stock picks.

I have been monitoring EDC closely for some time. Looking at the chart I have notice that it formed a symmetrical triangle (Red triangle area) recently. This symmetrical triangle was already broken to the upside and right now EDC is testing the area of its previous upper trendline resistance. As long as this line holds I am expecting EDC to move up and possibly reach its previous all time high. My indicators  are telling me that this stock is at oversold area.

Figure 2: EDC Weekly Chart

We can clearly see from this chart that EDC's projected target based from our pattern is its previous all time high.

(caveat)