Bullish move takes time to build a stable base
This is a weekly chart of a Malaysian stock, UMW as at 19th June 2022.
From the Support and Resistance line derived from the volume profile, there is a possible bullish rise to 130%.
However, much time is needed to realize such bullish rise.
We make some construction on the market graph, the indicators such as MACD, Stochastic and CMF, we establish a timeline to monitor to what extend the market needs more consolidation to form a stable base to get ready for the bull run.
We will first monitor price action till Oct 2022, about 4 months period, to confirm some downtrend formation for consolidation.
Then we will further closely monitor the market behaviours towards June 2023, i.e. 1 year from now.
Patience is of critical important discipline to follow.
What do you think?
From the Support and Resistance line derived from the volume profile, there is a possible bullish rise to 130%.
However, much time is needed to realize such bullish rise.
We make some construction on the market graph, the indicators such as MACD, Stochastic and CMF, we establish a timeline to monitor to what extend the market needs more consolidation to form a stable base to get ready for the bull run.
We will first monitor price action till Oct 2022, about 4 months period, to confirm some downtrend formation for consolidation.
Then we will further closely monitor the market behaviours towards June 2023, i.e. 1 year from now.
Patience is of critical important discipline to follow.
What do you think?
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.