Price action breaking up a long term downtrend resistant line with building up volume .
Some FA info, this company is doing apparel, textiles, fabrics.
And recently they are doing fabric reusable face mask, PROXMASK, www.prolexus.com.my
Targeting +10% - +20% profit from current RM1.12
Risk Reward ratio: 1.8++
Cut loss : -6% (RM1.05)
1) Entry at blue zone and ride until specified TP
2) Entry at orange dotted line and ride until specified TP - there is "A GAP" which i seen will spur the technical interest for big money to enter
1) This stock bull run last year
2) Retraced back to its significant bull candle that initiate the explosive run - this is where it start...
Just like any other glove stocks, this stock had a good rally in past few days. We believe the stock will continue upside momentum for a while, probably gap up, before continue with a pullback towards area of value around 0.390 (Fibo 38.2%).
Best is to wait to buy on dips in the area of value during pullback.
Sentimen: Covid cases all time high, uncontrolled...
PRLEXUS-WA is on correction mode after making ATH on 20-Oct-2020. After a month and seems its still on its way to make a new LL on the downtrend channel. If it breaks the support zone (0.605-0.650), it could be dropping towards 0.490 (Fibo level 61.8%) to complete its LL.
Its motherstock (PRLEXUS) has higher balance float (64% of 182M shares) than its sector...
PRLEXUS-WA completed Wave 2 @ 0.640 in 2-Nov-2020, and since then has riding the uptrend channel for about +48.41% in just a week. Nearest support is 0.83, whilst nearest resistance is around 0.985. Good entry would be psychological resistance @ 1.0 with 0.985, and 0.83 as support.
However, if the price breakout the symmetrical triangle with volume, we could...