Melewar looks like ready to follow metal sector to go higher. QR expected to be announced around this coming 27th or 28th of Feb 2021.
Previous QR was showing good improvement as below,
Q3 20 = -2.7million, -1.9% of revenue
Q4 20 = 3.4million, +3.37% of revenue
Q1 21 = 7.4million, +4.7% of revenue
If the QR keep improving, it will easily break the triangle...
Melewar surged higher this week since the collapse from 2017, however closed below resistance level at Fibonacci 2.618 coincides overbought condition seen on RSI. We are expecting for a consolidation around this area until further confirmation on the next move.
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MELEWAR has been trading above its upward sloping 20-Day Moving Average which is a good sign.
Furthermore, the next resistance level is quite far at 0.28.
Resistance 1 : 0.2800 (26.95%)
Resistance 2 : 0.285
Support 1 : 0.200 (-8.92%)
Support 2 : 0.180
Ascending Triangle identified at 21 Aug 2020.
This pattern is still in the process of forming.
Possible bullish...
Storch RSI for MELEWAR seems like hitting the overbought lines. However, the price is still at the 3 Moving Average Lines.
The best entry probably at 210/205 and swing for another two to three weeks. Put in your watchlist first and see the movement next monday.
Bismillah and enter
