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Strategy: Triangle Consolidation breakout with volume
Bias: Bullish. Big spike was seen today and at the same time price breakout the downtrend line and the previous high resistances together.
Target Price: 0.595/0.600
After the breakout, we shall see the price continue to surge to the target price 0.595 which we can compute from the height of the triangle formed as shown in the chart.
Also, based on the fibonacci retracement, the price retraced to 0.382 level with low volume, indicating a healthy retracement. Thus, we shall see the price rise to 0.600, given the retracement level.
Support: 0.530 zone
The immediate support is at 0.540. As long as price maintained above the line, the price is still moving with uptrend momentum.
Remark: Trade your plan; plan your trade!
Please like and share with your friend if you like our idea.
Thanks!
Strategy: Triangle Consolidation breakout with volume
Bias: Bullish. Big spike was seen today and at the same time price breakout the downtrend line and the previous high resistances together.
Target Price: 0.595/0.600
After the breakout, we shall see the price continue to surge to the target price 0.595 which we can compute from the height of the triangle formed as shown in the chart.
Also, based on the fibonacci retracement, the price retraced to 0.382 level with low volume, indicating a healthy retracement. Thus, we shall see the price rise to 0.600, given the retracement level.
Support: 0.530 zone
The immediate support is at 0.540. As long as price maintained above the line, the price is still moving with uptrend momentum.
Remark: Trade your plan; plan your trade!
Please like and share with your friend if you like our idea.
Thanks!
Note
Before reaching the final resistance of RM0.600, there will be immediate resistance RM0.565 and next resistance of RM0.580 in between :) Kindly be reminded on thisTrade active
Broke immediate resistance of RM0.565 :)
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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.