JME3550

GHLSYS - Beginning of mark up phase?

Long
MYX:GHLSYS   GHL SYSTEMS BHD
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5
Hi,

GHLSYS has been contained within a trading range bounded by line A & B for 3 years (since Apr 2017 till Apr 2020)

Price then breaks out of above line A with strong bars with increasing volume , which may indicate genuine interest by smart money to break out of the range.

After breakout , price retraced again downward until down candle C which has long lower wick with high volume , and this may indicate strong buyers have appeared. Then we see candle D which is a NO SUPPLY candle (small down candle with volume lesser than previous 2 candles, which may indicate no selling interest.

Candle E is another small down candle with lower wick, but this time with low volume (blue arrow) , which may indicate a "low volume test" of any remaining supply (low volume test means not much supply left).

I'm looking forward for price to move up further, even beyond the recent high after the breakout.


Trade at your own risk, comments are welcomed.


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