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analysis
Based on the daily chart, sideways
pattern can noticed on the last 5 months of trading. The stock currently in
correction phase after failed to penetrate Rm 1.88 level for three times. Volume
weakening on the down trend indicates decreasing selling activity. RSI and MACD indicators still hovering around oversold
territory specify that the counter is undervalue. Tweezer bottom candle can be
spotted at the latest closing telling us that technical rebound is about to
happen. Failure to stay above Rm 1.55 will lead the stock to further
correction.
Trading strategy
Aggressive trader may initiate new
position with tight stop loss (close position if it closed below Rm1.60). Conservative
trader may wait for confirmation before enter. Use indicators such as RSI, MACD
and volume to confirm the rebound.
Price projection
Short term Immediate
resistance Rm 1.67 (Open gap and previous point of rebound)
Major resistance
Rm 1.88 (Significant level of resistance, previous high)
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