G3-Something brewing?not a buy call.
This is just my practice on technical analysis.
Please feel free to drop your comment.
Thank you!
Trade ideas
G3 Weekly Long Term Technical ReboundBased on Cup and Handle Pattern, if rebound beginning this month, will take till December to complete full rebound back to original position.
Has a renewed MoU with SenseTime and CHEC to develop an AI Park (shows that both parties are still interested in the project) and if project is successful, it will propel G3 to new heights (Global AI Market is estimated to be worth USD 266.92 billion by 2027 and is currently estimated to be valued at USD 27.23 billion).
Technically speaking, RSI is oversold and MACD seems to be making a U-Turn, suggesting a possibility of the uptrend beginning in the month of July. Due to selling pressure seemingly being still active, traders should trade the stock with caution, setting a suggested Stop Loss at 0.120, and a long term (until) December holding target of ~0.60.
Possible early uptrend.Based on my analysis, possible this might be early uptrend for G3. If 31 may 2021 closed near to 19sen or 19.5sen, it will make hammer candle stick for monthly time frame (TF). MACD also display divergence where price make lower low but macd makes higher low. It might not be strong bullish signal but still need to watch out this counter. Perfect ratio is 18sen. Need to watch out that green line known as down trendline (DTL).
G3 Target LongAs we can see this counter currently downtrend. I will be looking for long if there are reversal signal or double bottom pattern form at support area . SL after break support and TP at nearest resistant to be safe.
Today's Limit Down - Distribution phaseG3 has been moving to the downside below a valid UTL preceded by losing momentum seen on the MACD. As the price failed to close above 200-days SMA, it could drop lower to support level at 0.675. If the price breaches below this level the share may lay down the foundation for a new downtrend and this will cap off the potential bullish movement.
Disclaimer: The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
