Buy signal triggered based on MRV1 setup at RM0.275; 20% target at RM0.330; stop loss at RM0.245; 2-3 months due to the signal based on the daily timeframe. **Only for discussion purposes. Not a buy / sell call.
Ranging. Watch for breakout/pullback for low risk entry
Melewar is related to steel manufacturing holding company. Steel / metal price had been down lately due to China Economy Restriction (zero covid policy). As recently the Dollar index is down and China is easing their economy restiction, steel or metal is among the sector which should benefit from it. Looking at the chart, there had been buying activities recently...
From my point of view. But due to current situations, anything could happen. Tayor
The price trendline indicates a price breakout signal due to significate price movement with volume above the MA20 line. The MA20 line cross over the MA50 line, hence, indicating a strong uptrend price momentum to the next price resistance. The RSI indexes momentum towards the next indexes peak; indexes 70. This confirms the significate price momentum. MACD and...
Consider to study and monitor MELEWAR spotted in what appears to be an inverted Head and Shoulders Pattern. Proposed EP at 4htf pivot point and CL below right shoulder. Proposed TP is height of bottom of head to neckline.
MYX:MELEWAR 1. if breakout trendline at 0.415, can monitor. 2. Steel sector
I will take a long position price between 0.530 - 0.535 towards target 0.61 & 0.675 in extension. Reason: Price is still above 200 ema & 52 ema indicates long signal still valid. TAYOR
MELEWAR Theme: Steel Rst: 0.775 Spp: 0.71 Arrived the end of Fibo Ext spectrum, and latest candlestick build had tested 3 times the strong resistance at 0.775 but failed to break through, which can be deemed as significant weakness, expecting pullback to follow.
The study...is based upon Volume Price Spread Analysis and Momentum Melewar has shown both Trend Breakout with Momentum Close: 0.60 EP: 0.62< SL: 0.52/0.47 TP: 0.69/ 0.77/0.81/open *The last 2 Quarters the Company had shown consecutive increment in both Revenue and Net Profit. The current NTA stands at 0.96 which is more than 30% discount. Disclaimer: This...
A lot of steel names were seen rallying strongly today and managed to hold their gains up to weekly close. One particular steel stock that caught our eyes is MYX:MELEWAR . After making explosive gains at the end of Dec 2020, the stock has been consolidating for 16 weeks in a contracting triangle corrective pattern of wave (iv) as labelled on the chart. Today we...
Bullish bias emerged above the symmetrical triangle pattern . As such, the stock may head north to test the next resistance of 0.805, followed by 0.93. Meanwhile, a reversal to below 0.475 would negate this expectation. Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only
This is not investment advice. Please do your due diligence. Triangle usually happen at wave 4 or wave b in elliot wave. In this case, its wave 4. Expected to complete wave e tomorrow before breakout to upside. Target showed in the diagram. This count will be invalidated if price touch 0.45 before completing wave 5. Goodluck. #AbangCak #ElliotWaveTrader
MELEWAR is trading in uptrent but it stuck in trading box A. Should it penetrate Box A it has 2 probabilities. If it cannot pass the resistance it might pull back to its support in Box B (0.455). If it can break Box A it will try to break Box B. If it can break Box B it will test its major resistance at 0.620.
Price still in trend, very slow trend Steel theme already off season
Trade ideas for this counter. Wait at green zone as hidden zone at lower TF detected. Happy Trading TAYOR
Been monitoring this stock whether it ll comply the triangle pattern. By drawing the the support and resistance line (triangle pattern), we can see at the end a big volume and breakout is seen.