Hassan_Abdullah

BOILMERMECH HOLDINGS BERHAD (3-JAN-2021)

Long
MYX:BOILERM   BOILERMECH HOLDINGS BHD
The hammer candlestick rebounded off at the strong support of 0.95 which has been tested several times previously yet the price is closed below 20-day EMA .

Enter position if the price closes above the 1.035 with TP1 @1.08 and TP2@ 1.135. Support is 0.95 and next support is 0.895.

However, despite hammer is a bullish Japanese reversal candlestick , the STO indicator stills shows the weakness momentum to continue until it reaches oversold area. If the price breaches below than the support level , the next support will be 0.895 which coincides with 50-day EMA . If it is decided to stay aside from the above strategy, then make an entry at this stage in which monitor the bullish reversal candle couple with K% crosses D% and both cross above the oversold area.

Note: This trading idea is for educational purpose only and not to be construed as a buy call. The mantra of TAYOR and caveat emptor shall apply.

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