tradebrewer

Spring art, art of spring

Long
MYX:SPRING   SPRING ART HOLDINGS BERHAD
Furniture producer spring art, newly listed company since end of 2019. While newly listed means a new uncharted territory, Spring have so far shown a nice months of accumulation period between 175-255. There is a clear broadening triangle pattern depicting the accumulation process.

Assuming 275 is the creek, i have made the PnF TP calculation PnF= 0.005x3x25
= 0.375
TP~~ 0.18 + 0.375
= 0.555
TP2~ 0.225+0.375
= 0.60

Ready for a markup phase, Spring has formed the Wave 1 EW. Wave 1 peak right at the resistance by Gann fan 1/1 and retrace at RBS line of the broadening triangle trend line . Do note that it has made a spring up till 0.5/0.618 Fibo retracement before resting at current 0.38fibo area. Using the informations we have made the Elliot wave projection up till potential TP.
Given that this is uncharted territory with less historical data, it is good that it retrace and forming a strong significant support like it does now at Wave 2 EW before continue the remaining EW. All the lines in the chart is the immediate resistance/support areas.

Volume profile wise, we cannot see a clear distribution in play yet.

Plan this trade with tight loss given that below this support, the region 340-290 has a thin volume profile which mean, price will move fast in any direction within this region.
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