NTT Docomo Shaping Up a Triangle Pattern
Ming Lam April 29, 2020 7:59 AM
The Stock is maintaining a Bullish Bias above Key Support at 3150 yen (around the 50-day moving average)....
NTT Docomo (9437), a major Japanese telecom operator, announced that full-year (to March 31) net income dropped 10.9% on year to 591.52 billion yen.
Operating income fell 15.7% to 854.65 billion yen on revenue of 4.65 trillion yen, down 3.9%. The Company blamed falling earnings on intensifying competition induced by regulatory changes.
The coronavirus pandemic has slowed subscription sales, but raised voice and data consumption amid stay-at-home measures, the Company pointed out.
Having signed up 14,000 users for its 5G services launched in March, Docomo said the subscriber number could swell to 2.5 million by March 2021.
It has withdrawn its 2020 earnings guidance.
On a Daily Chart, the Stock is maintaining a Bullish Bias above Key Support at 3150 yen (around the 50-day moving average).
Source: GAIN Capital, TradingView
The share price, currently around the 20-day moving average, is shaping up a Triangle (Coil) Pattern.
A clear break above the Triangle would confirm a Bullish Continuation. Then, Upside Resistance would be encountered at 3475 yen and 3600 yen.
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