Technical analysis for SCOMNET Stock based on Trend Analysis, Chart Pattern and VPA
1) In Monthly TF
- Overall trend still maintaining the long term UTL with highest VAP 0.120 as strong support.
- Current price candle trend had retracement and rebound at Fibo 0.50 area implies indecision occur-supply and demand try to overcome each other. Current price candle trend rebound and moves higher with upper wick and below than average volume indicate weaken bullish.
- Latest OCT 21 monthly candle shows a short body with upper and lower wick accompany by low volume signal indecision-reversal may occur.
2) In Weekly TF
- Overall trend still maintaining the long term UTL and break out the mid-term DTL indicate the end of mark down phase.
- Current price candle trend moves in shorter range with low volume with significance VAP in 1.785-1.865 indicate accumulation phase occur. Pivot high can be seen clearly in this TF.
- Latest 1 Nov 21 Weekly candle show a short body with upper and lower wick accompany by average volume signal market in congestion. This may indicate another Pivot high.
3) In Daily TF
- Overall trend still maintaining the immediate Support line and the possibility of Bullish Pennant pattern to occur with highest VAP in 1.765-1.790 area as strong support.
- Current daily price candle trend is retraced and staying at Fibo 0.36 area are considered neutral retracements in healthy trend. Current price candle in congestion period with price candle move in short range accompany by low volume indicate accumulation phase occur with highest VAP in 1.765-1.790 area as immediate support line.
- Latest 5 Nov 21 candle give a long bullish candle with upper wick accompany by very high volume indicate strong selling pressure still occur in the stock. Price may move lower back to immediate support to remove seller and build up the momentum.
1) In Monthly TF
- Overall trend still maintaining the long term UTL with highest VAP 0.120 as strong support.
- Current price candle trend had retracement and rebound at Fibo 0.50 area implies indecision occur-supply and demand try to overcome each other. Current price candle trend rebound and moves higher with upper wick and below than average volume indicate weaken bullish.
- Latest OCT 21 monthly candle shows a short body with upper and lower wick accompany by low volume signal indecision-reversal may occur.
2) In Weekly TF
- Overall trend still maintaining the long term UTL and break out the mid-term DTL indicate the end of mark down phase.
- Current price candle trend moves in shorter range with low volume with significance VAP in 1.785-1.865 indicate accumulation phase occur. Pivot high can be seen clearly in this TF.
- Latest 1 Nov 21 Weekly candle show a short body with upper and lower wick accompany by average volume signal market in congestion. This may indicate another Pivot high.
3) In Daily TF
- Overall trend still maintaining the immediate Support line and the possibility of Bullish Pennant pattern to occur with highest VAP in 1.765-1.790 area as strong support.
- Current daily price candle trend is retraced and staying at Fibo 0.36 area are considered neutral retracements in healthy trend. Current price candle in congestion period with price candle move in short range accompany by low volume indicate accumulation phase occur with highest VAP in 1.765-1.790 area as immediate support line.
- Latest 5 Nov 21 candle give a long bullish candle with upper wick accompany by very high volume indicate strong selling pressure still occur in the stock. Price may move lower back to immediate support to remove seller and build up the momentum.
Comment:
Latest price action has reached the immediate support. important the observe price action at this support area