Stock name: Crest Builder Holdings Bhd
Screener: 18LC for 11 Feb 2019
Observation date: 11 Feb 2019
a) Price & Volume:
- Price: Average spread with wide spread on upbars.
- Volume: Low vol. on average price spread with high on price upbars.
b) Market Stage:
- End of Accumulation stage (S1) and beginning of Mark Up stage (S2).
- Price did make an attempt to break Resistance Line 1 (RM1.07) but failed.
c) Trading Range:
- Price was trading within a Trading Range (between Dec'17 to mid-Feb'19).
- As the time of writing, price is waiting to break Resistance Line 1.
d) Resistance & Support:
- Price made a Triple Bottom (within the Trading Range) before breaking then Resistance Line (now Support Line 1).
- It then make a pullback with support above the Support Line 1 before breaking then Resistance Line (now Support Line 2).
- At the time of writing, price closed at 5% gain with the close near to Resistance Line 1.
- This chart resembles a classic Wyckoff conceptual map for S1.
- Price may attempt to break Resistance Line 1 in the next few bars and make a pullback before moving up.
- If this succeeds, it will be the beginning of S2.
- We noticed that price went parabolic upmove before going down within a few days in mid-Nov'18. For knowledge purpose, we can say that Smart Money is testing to see if there is any sellers at that price. For trading purpose, traders should be cautious when price went parabolic.