Seems like MCLEAN about to end the correction wave after the end of wave 5 . Stochastic shows price is currently OVERSOLD while RSI is around the middle suggesting healthy upward potential in near future. TRADE AT YOUR OWN RISK
21-04-2021
Counter : Mclean
Sector : Commercial Services, Miscellaneous Commercial Services
- Just breakout symmetrical triangle on Daily Timeframe
- Nearest Support at 0.450
- Have momentum to test resistance at 0.540
- Pattern Diamond up shows that the price can go until 0.595 unless it break below 0.435, the pattern will cancel.
- MACD crossing up above 0 and...
As you can see the price is in an uptrend and also have crossed above the 20 MA, if the price managed to break above the trendline the price might go up to RM 0.5 - 0.525, but if the price does not break above the trendline the price might follow the trend range
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Disclaimer: This is not a buy call but for learning purpose
Analysis
Quite far from major support (8% risk)
Will it rebound and create this beautiful channel?
Bullish bias emerged above the symmetrical triangle pattern. As such, the stock may head north to test the next resistance of 0.755, followed by 0.875. Meanwhile, a reversal to below 0.44 would negate this expectation.
Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only
MCLEAN is just above the 0.445 support level. the MA50 also catching up to the 0.445. Might reverse back to retest the 0.525 resistance level. My plan is to enter the trade at 0.445 if posible or maybe 0.45.
target profit 0.52 (15%)
Cutloss 0.42 (6%)
