SENHENG buy signal based on MRV1 setup on 5 Jan 24 at RM0.340
- Buy signal for SENHENG observed on 5th Jan '24 at RM0.340 based on MRV1 setup.
- Support area could be established at equilibrium support area of RM0.325.
- Suggested stop loss set lower at RM0.305 to maintain minimum risk of 10%.
- Stop loss aligns with next support area based on equilibrium.
- Target price set at RM0.410 with a 1:2 risk/reward ratio.
- Option to align with equilibrium resistance price area at RM0.415 or adjust risk/reward ratio to 1:1.5 or 1:1.
- Expected holding period is about 2-3 months as signal comes from daily chart.
- Three resistance areas spotted based on equilibrium at RM0.345, RM0.370, and RM0.390.
- SENHENG has been at lowest price range since September last year.
- Return to this price area could be interpreted as establishing a base at this price level.
- Might not appeal to those looking for quick flip but suitable for those without time to frequently check chart.
This information is for discussion purposes only and is not a buy/sell call.