1. Bullish divergence pattern detected in RSI
2. OBV also showed bullish divergence pattern
3. Price had broke the pattern resistance with a bit high volume than normal.
4. Price had also retested the previous resistance that had been broke but with low volume.
5. Potential risk ratio is 3:1
6. Price may retested the EMA200 in the future.
Lets see
Sector : Properties.History of strong fundamental,however current quarter report shows significant drop slaes and earning (warning sign).Institutional also selling hard.However,technically forming VCP setup.I post this for forward test,to look what happen to this counter later.
1. Span A over Span B indicating uptrend
2. Tenkansen above Kijunsen
3. Price above Tenkansen and Kijunsen
4. Price has retraced back to its 100% Fibo level of 2.23
5. Prices above the cloud for four trading days already
6. Buyers in Control.
Possible for Matrix Concepts to breach the 2.32 level (1.618 Fibo level)
TREND: Still in an Uptrend
1) Breakout trade if strong breakout from 2.28
OR
2) "Pullback before Trend Continuation" - Buy LOW opportunity if it pulls back to the channel support line before continuing upwards
Currently on rebound after reached all time high on 2 Jun 2021.
Looking good in uptrend. Monitor for volume and breakout all time high.
Green candle = breakout candle
Red cross = entry point
This counter is trying to break bearish mode.
If price break above RM1.740 and maintains above the support level of RM1.720 with strong buying pressure which can be seen from RSI level above 50, I would target it to reach RM1.790. And if momentum persist, our second target price is RM1.850.
Anyway, trade with care and always know your risk tolerance levels.
CP:...
Chart in the video:
1. BTM
2. VSTECS
3. Prolexus
4. Matrix
5. IFCA
6. Techfast
And others...........
Disclaimer
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock
