DAYANG may signal end of Oil Slump
Looking at the chart for Dayang Enterprise Holdings, here's my analysis:
Current Price Action:
- Trading at RM2.21, down 1.34%
- Moving averages in bearish alignment:
* SMA 10: 2.30
* SMA 20: 2.22
* SMA 50: 1.95
* SMA 200: 1.67
Elliott Wave Analysis:
- Currently in wave (iv) of a larger correction
- Complex correction pattern with multiple abc waves
- Key support level at RM1.96 needs to hold
Technical Structure:
1. Support Levels:
- Critical support at RM1.96 (red dashed line)
- Moving average support at RM1.95 (50 SMA)
- Major support at RM1.67 (200 SMA)
2. Resistance Levels:
- Immediate resistance at RM2.42
- Secondary resistance at RM2.80 (previous high at point b)
- Volume resistance zone around RM2.60
Notable Financial Events:
- September 2024: MYR234.368M (+625.17%)
- June 2024: MYR32.319M (+203.95%)
- Net income showing improvement: MYR222.267M (-14.02%)
Trading Considerations:
- Currently in consolidation phase
- Watch for break above RM2.30 for bullish confirmation
- Stop loss could be placed below RM1.96
- Volume (5.82M) showing decent market participation
Current Price Action:
- Trading at RM2.21, down 1.34%
- Moving averages in bearish alignment:
* SMA 10: 2.30
* SMA 20: 2.22
* SMA 50: 1.95
* SMA 200: 1.67
Elliott Wave Analysis:
- Currently in wave (iv) of a larger correction
- Complex correction pattern with multiple abc waves
- Key support level at RM1.96 needs to hold
Technical Structure:
1. Support Levels:
- Critical support at RM1.96 (red dashed line)
- Moving average support at RM1.95 (50 SMA)
- Major support at RM1.67 (200 SMA)
2. Resistance Levels:
- Immediate resistance at RM2.42
- Secondary resistance at RM2.80 (previous high at point b)
- Volume resistance zone around RM2.60
Notable Financial Events:
- September 2024: MYR234.368M (+625.17%)
- June 2024: MYR32.319M (+203.95%)
- Net income showing improvement: MYR222.267M (-14.02%)
Trading Considerations:
- Currently in consolidation phase
- Watch for break above RM2.30 for bullish confirmation
- Stop loss could be placed below RM1.96
- Volume (5.82M) showing decent market participation
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.