- The price action is moving towards the upper band, which could signify the start of a short-term bullish movement if the price breaks out above the upper band.
- Price Action: After a significant rally in May, the stock retraced and found support near MYR0.85. This was followed by a period of sideways movement, indicating consolidation.
- Resistance: The most immediate resistance is the upper Bollinger Band, near MYR0.95. A break above this could signify a continuation of the previous uptrend.
- Support: The lower Bollinger Band near MYR0.88 and a key price level at MYR0.85 serve as immediate support.
- Bullish Breakout: If the price breaks above the upper Bollinger Band and volume picks up, we could see a retest of previous highs near MYR1.00 or more.
- Bearish Rejection: If the stock faces resistance at the upper Bollinger Band and fails to break higher, it could retrace back to the MYR0.88-MYR0.85 support zone.
- Consolidation: If the price continues to move sideways within the Bollinger Bands, expect continued consolidation with reduced volatility until a breakout occurs.
- Short-term: The stock is consolidating with reduced volatility. A breakout above the upper Bollinger Band could lead to another bullish leg.
- Mid-term: The trend is neutral to slightly bullish, given that the stock remains above its 20-day moving average.
- Support/Resistance: Immediate support is MYR0.88, while resistance lies near MYR0.95.
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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.