Looking at the chart for MY E.G. Services Berhad, here's my analysis:
Current Price Action:
- Trading at RM0.965, up 0.52%
- Currently in a complex corrective pattern
- Price consolidating above moving averages
Elliott Wave Analysis:
- Completed waves (i) through (iv)
- Currently in wave (v) with ABC correction
- Key levels:
* Wave (a) support at RM0.930
* Wave (b) resistance at RM0.975
* Wave (c) target potential at RM0.940
Technical Levels:
1. Support:
- Strong support at RM0.930 (0.382 Fibonacci)
- Secondary support at RM0.870 (0.618 Fibonacci)
- Moving average support around RM0.950
2. Resistance:
- Immediate resistance at RM0.975
- Major resistance at RM1.00 (psychological level)
- Previous wave high at RM0.990
Pattern Analysis:
- Forming a complex correction pattern
- Higher lows indicating underlying strength
- Volume profile showing accumulation
Trading Considerations:
- Watch for break above RM0.975 for bullish confirmation
- Stop loss could be placed below RM0.930
- Risk/reward favorable for long positions
- Volume increasing on recent moves
Current Price Action:
- Trading at RM0.965, up 0.52%
- Currently in a complex corrective pattern
- Price consolidating above moving averages
Elliott Wave Analysis:
- Completed waves (i) through (iv)
- Currently in wave (v) with ABC correction
- Key levels:
* Wave (a) support at RM0.930
* Wave (b) resistance at RM0.975
* Wave (c) target potential at RM0.940
Technical Levels:
1. Support:
- Strong support at RM0.930 (0.382 Fibonacci)
- Secondary support at RM0.870 (0.618 Fibonacci)
- Moving average support around RM0.950
2. Resistance:
- Immediate resistance at RM0.975
- Major resistance at RM1.00 (psychological level)
- Previous wave high at RM0.990
Pattern Analysis:
- Forming a complex correction pattern
- Higher lows indicating underlying strength
- Volume profile showing accumulation
Trading Considerations:
- Watch for break above RM0.975 for bullish confirmation
- Stop loss could be placed below RM0.930
- Risk/reward favorable for long positions
- Volume increasing on recent moves
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.