<TradeVSA> Weekly Breakout by Bumi ArmadaBased on weekly chart, we do spot a clear change of trend with high volume. High volume started to appear on end of November 2018. This shown activities by Smart Money as they started to do accumulation after the mark-down stage.
Another signal appeared in the chart at the end of April 2019 with bullish high volume. Again, this shown Smart Money are ready and trying to mark-up by testing the resistance. The latest weekly bar successful closed above all the Up-Thrust bar at resistance. Price likely to move and test the previous support around RM0.66. Take note if any Up-Thrust appear as price will have pullback soon.
Daily chart shows the similar trading setup with long period of accumulation after mark-down stage. In the daily chart, we do notice the shakeout on the weak hand holders towards the end of the mark-down stage. With the recent Line Change, the price managed to break higher than resistance and previous false breakout area.
Disclaimer
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock
