Refer to Dayang chart, the stock has beautiful reverse in rounding bottom pattern.
The stock has run with an impulse 5 waves up since November, and take a pause when hits resistance at RM1.33. Since then, the stock is going through the consolidation.
There is possibility the consolidation is over with ABC waves formed and uptrend movements are expected to continue in near term of trading days to come. However, if price broke below RM1.08, likely the stock will experience more complex consolidation before uptrend waves resume.
Suggest to consider smaller lot for long, and if price broke above RM1.33, then consider top up long positions.
Happy trading!
The stock has run with an impulse 5 waves up since November, and take a pause when hits resistance at RM1.33. Since then, the stock is going through the consolidation.
There is possibility the consolidation is over with ABC waves formed and uptrend movements are expected to continue in near term of trading days to come. However, if price broke below RM1.08, likely the stock will experience more complex consolidation before uptrend waves resume.
Suggest to consider smaller lot for long, and if price broke above RM1.33, then consider top up long positions.
Happy trading!