Bullish move takes time to build a stable base

This is a weekly chart of a Malaysian stock, UMW as at 19th June 2022.

From the Support and Resistance line derived from the volume profile , there is a possible bullish rise to 130%.

However, much time is needed to realize such bullish rise.

We make some construction on the market graph, the indicators such as MACD , Stochastic and CMF , we establish a timeline to monitor to what extend the market needs more consolidation to form a stable base to get ready for the bull run.

We will first monitor price action till Oct 2022, about 4 months period, to confirm some downtrend formation for consolidation.

Then we will further closely monitor the market behaviours towards June 2023, i.e. 1 year from now.

Patience is of critical important discipline to follow.

What do you think?


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