Jati Tinggi Group Bhd - Consolidation in ProgressA new IPO listed in December 2023 that mirrors the bullish continuation pattern with regards to Zantat Holdings Bhd, Wentel Engineering Holdings Bhd.
In daily timeframe, price is currently trapped in the sideways/accumulation ranging from 0.280 to 0.315 since Mid April 2024 with a low volume. However, price is struggling to close above 0.315 which is a strong resistance due to the following:
1. Ma 50 in Daily Timeframe
2. Ma 20 in Weekly Timeframe
3. Bearish candle in Weekly Timeframe
4. Supply zone (0.315 to 0.325) in Daily and Weekly Timeframe
In lower timeframe M15, in the internal structure, price already form a Change of Character (ChoCh) and followed with a Break of Structure (BoS) suggesting price is bullish in short term period.
To further validate this bullish movement, price must close above 0.315 as mentioned in Para 2.
A break below 0.290 will negate the bullish movement in M15 signaling correction still in progress while 0.275 will be the last defense.
