On the brink of reversing the downtrend that started since mid 2019, and forming a base with a target as shown in ABCD chart pattern. With all major local automakers reporting highest sales in month of July in year 2020, this might just be the catalyst. Cheers.....
Disclaimer: Not a recommendation to buy or sell. Trade at own risk.
KLCI sitting nicely at the middle line support of boillinger bands, ABCD pattern shows potential 1700pts once it consolidate in the current 1500-1540 level as well as to break the long term downtrend that started since middle of 2018. Just my two cents...please correct me if i'm wrong. Cheers guys.
Government's announcement today 100% tax incentive for local assembled cars coincide with the launch locally assembled X70 earlier of the year will definitely support its sales barring inactivity during mco, furthermore with the anticipated launch of X50 will support its sales volume for the year and thus its profitability. Immediate upside TP2.10
After a strong upswing on may 22nd follow by equivalent strong selldown on june 1st erasing all the gains gave an impression that it is reversing its uptrend, he're the confirmation that it's long term uptrend is still intact with price sitting above it's boilinger band and 20MA co-inside together at the same point.
