Morubozu: Half candle theory
Solid MORUBOZU candle formed on 9th October, signalling a good chance for us to test the half-candle theory.
I would expect the price to hold above RM0.730 in the following few trading days. If the stock price maintains above RM0.730 with sufficient volume, the price will go up.
My prediction based on the strategy is as follows:-
Current price: RM0.740
Entry price: Anything above RM0.730
Support price: 1. RM0.730 2. RM0.695
Target price: RM0.805
Entry must be supported with oscillator indicator (RSI>50) and volume traded (>daily average volume).
I would expect the price to hold above RM0.730 in the following few trading days. If the stock price maintains above RM0.730 with sufficient volume, the price will go up.
My prediction based on the strategy is as follows:-
Current price: RM0.740
Entry price: Anything above RM0.730
Support price: 1. RM0.730 2. RM0.695
Target price: RM0.805
Entry must be supported with oscillator indicator (RSI>50) and volume traded (>daily average volume).
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