This is actually a repeated signal, as it was previously triggered on 13 Dec 2023 at a similar price of RM0.385.
The support area could be set at the most recent pivot low of RM0.350, which coincides with the equilibrium support area. However, I would set the stop loss to RM0.345 to adhere to the minimum 10% risk based on the price.
The target price is...
Overview:
-Construction company
-Non-profitable company since 2016
?Purely technical analysis
Technical:
H4, ma 200 line last support
Before recent breakout, price respect ma20/50
+first pullback supported by ma20/50 (strong indicator)
Monthly timeframe,
September close with inside bar.
Possible continuation?
Can try PUNCAK in what appears to be a massive falling wedge in EW ABC zone having completed ABC's 5 sequence with a potential reversal of downward volatility.
Consider to study, analyze and monitor PUNCAK where its daily chart appears to have retested point C of EW's ABC formation, and from WaveS 1 to 5, the retracement at ABC's Point C is fibo618. This retracement level is also in the 52-week low zone. The chart also has formed what appears to be a bat harmonic pattern where the price has crossed the current pivot...
Target Long (Intraday)
Next week Plan:
Tech Bias
1) Bull trend
2) ABC formation
3)Confirmation P.A/C.P reversal @ochl+snr zone
M.m Bias
1)good ratio
2)never place all money in 1basket
1)ADX > 25 Di+ > Di-
2)Fib retracement level 0.5 (0.470 cents)
3)Net volume still bullish but is dropping.
4)Smart money is still hot. Possibly will gap up.
5)above 200 ema. Still bullish.
Based on my technical analysis. It is still in bullish position with a bit of retracement from 0.555 to 0.470. Smart money is still in puncak and possibly will break 0.555 and...
Will the RM 0.30 zone price become the strong support? Especially after the lowest drop fall to RM 0.09 last March and struggle moving up before it get pushed to RM 0.51 by the end of 2020. The price closed at RM 0.37 last friday, fall under 50% level of Fibonacci Retracement.
Disclaimer: If you choose to follow this trading idea you do so at your own risk after...
TP: 0.41
SL:0.18
Disclaimer: Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment base on your own personal circumstances. The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders...
Puncak is trying to break the previous resistant level.
We can see some unusual volume buying in these few days,
if the price successfully breaks the white tunnel, it will likely reach 0.265, 0.28.
