Malaysia Tech Stocks Index may find its support near 75.75 which is the confluence strong support zone :- 1) Major Demand Zone (Cyan/light blue rectangle box region )... 2) Region/Zone of The Lower Support Line of the Major Parallel channel (Cyan/Light Blue)
Recent market movement show that Finance and Energy sector are performing better than Technology.
Technology sector MA200 support broken last week. The previous MA200 broken was back in March 2020.
We need to respect the market and let the market guide us. Don't go against the trend as trend is our best friend.
Will monitor stocks that have setup in...
Retracement condition :
1) Rainbow+ indicator - Technology sector's next support at 86.32 (Long-term supporting line)
2) Tech sector Oversold currently -
Turquoise color = Oversold
Red color = Overbought
Blue color = BCS signal
Yellow color = normal status
Support & Resistance:
S : 86.32 (-2.88%)
Opinion above posted for case study purpose....
1)On Charts : Charts consist of 3-Dimensions - The X-factor ( Time or Cycle ), The Y- factor ( Price Geometry ), AND The Z-factor ( The Speed ).. 2)On Elliot Wave / Market Structure : Unlike Textbook written rule : ALL Impulsive wave comprise of ONLY a-b-c sub-waves NOT 1,2,3,4,5 waves.. AND there is NO Truncated 5th wave BUT ONLY wrong wave counts...
Bursa Tech Index shown a good example of compliance to Fibo Extension.
2nd High/ATH is at Fibo extension of 1.618 and retrace to Lower High. this HL is well supported (2x double bottom)
If the index break 93.9 (ATH) - Technology Index and its counters should rally together with Bursa Index.
Observer the STO cross, which shows an early rally indicator.
Technology sector Breakout soon!
Tech stock go go go?
INARI, D&O, GREATEC, UWC, JHM, FRONTKN, JFTECH, QES and etc.
Don't all in ya...
Just for sharing and education purpose, not a buy call, trade at your own risk.