Unisem formed a nice uptrend with price makes higher highs and higher lows. The price broke above the resistance level at RM3.17 with widespread bar and high volume. After the breakout, price immediately move sideways with narrow spread bars. The narrow bars with low volume shown Smart Money is test the supply in the market and formed a support level.
Currently the chart has formed 5 narrow bars which we called “Cluster of Closes” in the re-accumulation level. The strength of the background indicate Smart Money still interested to support and push the price higher. Below are the few strength signals in this chart:
1. Market structure in stage 2 (markup), no sign of distribution so far 2. 2 successful spring bars in the previous re-accumulation level shown Smart Money already flush out weak-hand holders 3. Successful breakout with 18LC signals with high volume 4. Formed another re-accumulation level to re-test the supply in the market
The “Cluster of Closes” formation give traders a good edge to trade now with lower risk.
Disclaimer This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock.