NATGATE - 11 RECORD SESSION LOWS ?NATGATE - CURRENT PRICE : RM1.79
On 02 August 2024, the stock made a FALLING WINDOW . The selling pressure continues until price starts to stabilize and create a double bottom support level near RM1.65 - 1.68.
On 29 October 2024, the share price closes above the top of FALLING WINDOW resistance level indicates strong bullish momentum. At the same time, the share price also successfully closed above ICHIMOKU CLOUD (after trading below KUMO almost 3 months). This two scenario gives strong bullish outlook for NATGATE. From here, the stock continue moving upside until RM3.03 (ALL TIME HIGH) - upside movement of 40% from the breakout point on 29 OCTOBER 2024.
After reach ALL TIME HIGH, the stock made an EVENING STAR pattern. From there, the stock starts declining and makes 11 RECORD SESSION LOWS.
Here is the important points to have a look. We can expect a rebound from current price as there are some hints given by chart :
1) 11 RECORD SESSION LOWS creates an OVERSOLD situation (The record session topic is discussed by STEVE NISON in his book - BEYOND CANDLESTICK , PAGE 121 - 127)
2) The last two session was bullish HAMMER - the long lower shadows give hint that potential bottom had reached and the bears are getting tired.
3) Price bounce from the previous DOUBLE BOTTOM support level area near RM1.65 - RM1.68 indicates that the BULLS are aggresively buying the shares near the support level.
In conclusion, as a aggresive trader, this is an oppurtunity for me to buy the stock at price RM1.79 - RM1.81. If as expected the share price starts rebound higher, i would take my profit at RM1.95 (+8%) and RM2.05 (+14%). My support level will be RM1.68 (the low of bullish hammer). My time frame for trading this stock is only one month.
ENTRY PRICE : RM1.79 - RM1.81
TARGET PRICE : RM1.95 , RM2.05
STOP LOSS : RM1.68
TIME FRAME - Not more than ONE MONTH
TAYOR !
