Stock code: MYX:5277 (FoundPac Group Bhd) Screener: 18LC for 31 Jan 2019 (tradevsa.com) Observation date: 5 Feb 2019
Observation: a) Price & Volume: - Price: Narrow spread with occassional wide spread on up bar. - Volume: Very low w/ occasional high vol. on the up bar. b) Market Stage: - Markdown stage (S4) between mid Aug'18 - early Nov'18 (14 weeks). - Price then enter into Accumulation stage (S1). - Possible end of S1 (10 weeks) and entering Markup stage (S2). c) Trend Line: - Price moved away from Downtrend and into a Trading Range (between 20.5sen - 27.5sen). - Price breaks Support (22.5sen) to test supply (20.5sen level) before eventually move back up to Support level. - Price recently close above the Resistance level at 27.5sen.
Remarks: - Based on the above observation, there are 2 possibilities: a) If chart is ready for S2 stage, price should do a pullback with low vol. above the Resistance-turn-Support line. b) If pullback failed, price is still consider in S1 and trade w/in a trading range (20.5sen and 29.5sen).