Still in a sideways structure with price maintaining above both EMA50 and EMA200 indicating bullish biasness. Feb 4 price action saw PELIKAN testing its developing Value Area High at 320 however failed to close above it. A daily close above 320 may see PELIKAN testing structure's Supply Zone as marked.
PELIKAN rebounded at fibo50.
Current CS crossed yearly pivot 0.505 at EMA20 and fibo618, all acting as strong support.
Proposed que is 0.505 retest, also the current 4h pivot.
Proposed TP is 52wh at 0.555.
Proposed CL is 0.475, one bid below current daily pivot.
Not an investment call. Just an idea based on trend and chart.
GOODLUCK TRADERS
TRADE AT YOUR OWN RISK
buy at the support will be recommended!!!
“Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein
JUST MY OPINION!
NOT A FINANCIAL ADVISE!!
As referring to my previous idea, instead of going up, the counter enters into a ranging period. therefore we can implement buy low and sell high within the range in this case. if there is 1 day the price break through the top-ranging area, we can buy when the price break and see supported when pulling back.
Its fall under consumer products and services sector.Quarter report shows 2 consecutive positive sales and earnings.Recent breakout of very strong horizontal resistant (blue horizontal line),currently price consolidating.I believe this counter will go up further later
Support: 0.46
CUTLOST 0.43
Resistance: 0.49/0.53
Pelikan International Corporation Berhad, through its subsidiaries, is engaged in the manufacture and distribution of writing instruments; art, painting, hobby products; school and office stationery; and printer consumables. It distributes its products through wholesalers, dealers, retailers, hypermarkets,...
1. Bat pattern will be valid if the price passes and closes above point B. That the entry point (white line)
2. The price must always be above point C to determine this form still applies. Point C is our cutloss price (red line)
3. My expectation the price will reach point D as TP1 to complete this Bat pattern at 0.886% (0.50).
#TAYOR MYX:PELIKAN
Can try find entry for this counter, positive QoQ
Current Price (CP) : 0.460
Resistance (R) : 0.49
Support (S) : 0.46
Entry Price (EP) : 0.475 With strong buy of 5 Market Depth (5MD)
Target Price (TP) : 0.5
Stop Loss (SL) : 0.445
PELIKAN break out Bullish Flag with slightly higher than average volume
Potential target price @ 0.525 (1:1 - Flag pole:TP)
Disclaimer:
This is intended to be used and must be used for technical analysis education purposes only. Trade at your own risk.
PELIKAN. (stationery manufacture ) Possible another "Buying Climax" stock where price at upper trend line of incomplete wedge pattern w/ High Volume...
