MartinTFWong
Long

Carimin Break Above Resistance with High Volume

MYX:5257   CARIMIN PETROLEUM BERHAD
A 18 Line Change bar is a powerful signal that indicates the trend will reverse or continue in Mark-Up stage. High volume 18 Line Change bar show Smart Money ready to absorb the supply at the resistance and pushes the price above the resistance to lock the weak-hand holders from the left.

Based on Carimin daily chart , Smart Money have re-accumulate during the pullback and ready to mark the price higher. The chart come with strong background with accumulation stage follow by mark-up. Looks for the next Sign of Strength near support to trade with lower risk.

Based on hourly chart, Carimin formed a classic Volume Spread Analysis pattern with 4 narrow spread bars low volume just above support level . This is a good potential entry as the narrow bars after Line Change indicates Smart Money are testing the potential supply. If the bar come with low volume , mean it is a successful test.

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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
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