Currently, for Bursa Malaysia Technology Index, there's a formation of symmetrical triangle. There's a possibility that index will decline or there's a bullish move on the near future. What's your opinions?
Daily : might pullback. Always protect the downside. Need to break the downtrending line (pink) to awaken the bull 🐂
Weekly : it's oversold. An opportunity?
Some may think it's good bargain. But in other way, people reject the price and let it getting lower. OS doesn't mean it will up on the next trading days.
>> Overall it may pullback, wait for better signal...
Technology - Rst 67.4 Supp 63 area
Same goes to our klse tech chart. If nas100 were to rise & shine, entire market technology sector will follow. Very soon we able to see 67.4 break to go next level.
My 2023 Pick For KLSE Tech Counter as below
Frontkn
Greatec
Penta
KGB
QES
Technology Index - A reset button would be an ideally the strategy for the month cause Feds had just shut down a 2022 Christmas Rally unless there is a miracle from Santa. If individual have any tech sector holdings, you may want to look at a lower price cause these double top here will boost the bear strength to slump further until a strong support can be found.
Technology index - More or less, we need to respect the main klse tech index also. If this area break, tech sector will continue its run. That's the reason I take profit most of my tech sector today & wait for another round.
Prove of selling source that I am earning Rm200k = USD45k can visit my link in my signature.
Bursa Malaysia Technology Index
- 7 months of retracement since November 2021.
- At its Major Support for potential bottom without lower low price action.
- Will the Tech stocks after 7 months of retracement go for a range bound recovery trade?
- A bullish tech rally will only be seen once evidently proven the index rally past its midpoint for price action...
Ratio of Technology Index vs KLCI is at similar levels as the dotcom bubble.
Broke below lower red line. Resistance held.
Even if US tech melts up, there's no guarantee Malaysia tech will follow suit.
Malaysia Tech Stocks Index may find its support near 75.75 which is the confluence strong support zone :- 1) Major Demand Zone (Cyan/light blue rectangle box region )... 2) Region/Zone of The Lower Support Line of the Major Parallel channel (Cyan/Light Blue)
Recent market movement show that Finance and Energy sector are performing better than Technology.
Technology sector MA200 support broken last week. The previous MA200 broken was back in March 2020.
We need to respect the market and let the market guide us. Don't go against the trend as trend is our best friend.
Will monitor stocks that have setup in...
Retracement condition :
1) Rainbow+ indicator - Technology sector's next support at 86.32 (Long-term supporting line)
2) Tech sector Oversold currently -
Turquoise color = Oversold
Red color = Overbought
Blue color = BCS signal
Yellow color = normal status
Support & Resistance:
S : 86.32 (-2.88%)
Disclaimer:
Opinion above posted for case study purpose....
1)On Charts : Charts consist of 3-Dimensions - The X-factor ( Time or Cycle ), The Y- factor ( Price Geometry ), AND The Z-factor ( The Speed ).. 2)On Elliot Wave / Market Structure : Unlike Textbook written rule : ALL Impulsive wave comprise of ONLY a-b-c sub-waves NOT 1,2,3,4,5 waves.. AND there is NO Truncated 5th wave BUT ONLY wrong wave counts...
