Will it Rally for an Up Move? (Prestar; 9873.kl)

Observation (12/4):
Prestar Resources is one of the construction Companies that is involved in the newly revised ECRL project, supplying guardrails for the project. Just like Benalec, the stock has been on a Downtrend for a long time. Based on analysis at the following Pointer:
A) Price break above Resistance (68sen). However, the next bar price close lower with a long upper tail and Ultra High Vol. This means alot of selling pressure around this price level as those who bought this stock are trying to cut their losses or break even.
B) Price eventually moved lower till it is supported at 62.5sen. We can say that SM is testing the for any sellers on the downside. As vol. is low, we can say that supply has dried up at this point.
C) Price then make another attempt to move higher; this time it closes on the low with a long upper tail and Ultra High Vol. Again, Supply is still strong at this pricing area.

There is abundant of supply every time price tries to go higher. This can be seen on 11/3 & 12/4 where both trading dates have Ultra High Vol.; we can also see the recent bar (12/4) unable to close higher than the previous high (11/3). There is also not many SOS since 11/3. In order for price to move higher, it would need to move sideways with low vol. or form a long chart pattern. The next few bars will be crucial to determine price direction.


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