Shakeout tell you that there's demand for shares. It is a good thing to see on charts, and at times, they can be buying opportunities. Shakeout pushes the supply of readily available shares from the hands of the weak into the hands of the strong. Then the stock immediately turns and rushes higher, often within just few bars.
Based on Unisem daily chart, TradeVSA...
Unisem formed a nice uptrend with price makes higher highs and higher lows. The price broke above the resistance level at RM3.17 with widespread bar and high volume. After the breakout, price immediately move sideways with narrow spread bars. The narrow bars with low volume shown Smart Money is test the supply in the market and formed a support level.
Greetings to all.
Here are my technical reviews on UNISEM.
1. Chart pattern reveals the a pattern of what seems to be a head & shoulder pattern.
2. Current crucial support stands at 2.79.
3. RSI unable to break 50% level indicates weakness in strength of buyers.
4. MACD sliding downwards indicating weakness in trend + candlesticks are turning yellow (yellow...