Share analysis
Based on the hourly chart, short term uptrend still intact
as the price managed to stay above uptrend line. Volume divergence can be
notice on the chart, volume diminish while price getting higher. It indicates that
the uptrend is getting weaker while RSI and MACD indicators hovering around overbought territory. I reckon that correction is about to happen as the price already in overbought followed by low volume. Spot reversal candlestick pattern such as harami or shooting star to confirm the pullback. Immediate support level will be at 50% Fibonacci retracement level Rm 3.34. Failure to stay above Rm 3.00 will lead to further downtrend.
the uptrend is getting weaker while RSI and MACD indicators hovering around overbought territory. I reckon that correction is about to happen as the price already in overbought followed by low volume. Spot reversal candlestick pattern such as harami or shooting star to confirm the pullback. Immediate support level will be at 50% Fibonacci retracement level Rm 3.34. Failure to stay above Rm 3.00 will lead to further downtrend.
Trading strategy
Short term investor is advisable to take profit as the price
already close to its resistance level. Supported by robust fundamental and huge
growth opportunity, long term investor should hold this counter because I believe
it may generate more than 100% of profit.
Price projection
Short term Resistance- Rm 3.80 (previous high)
Immediate
support Rm 3.34 (50% fibbonacci retracement and resistance turn support)
Major
support Rm 3.00 (Psychological
support level)
Long term Resistance Rm 4.00 (Psycological level of resistance)
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