krulefahmi

Limited downside but upside remains uncertain

Long
MYX:COMFORT   COMFORT GLOVES BERHAD
Recent support is indicated at MA100 while the resistance at MA50.

Taking position at current price has limited downside risk as the current price near to MA100.
Nevertheless, Comfort Glove is struggling to maintain above RM4.0 in the recent two high candlesticks . This could be deemed as a psychological resistance.
I believe the price movement will remain in a tight range bound.
The price also potentially forms an ascending triangle which is a positive bias.
Uptrend can be confirmed once the price can sustain above RM4 and creating new high in two consecutive days.
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