CRESBLD - Analysis on potential of price movementThe price is trading around the Kumo, with recent candles moving just above the cloud. A bullish sentiment is present, but the price needs a confirmed breakout from the Kumo.
The Tenkan-Sen is above the Kijun-Sen, signaling short-term bullish momentum.
The Chikou Span is slightly below the price, indicating that while momentum is picking up, the breakout confirmation needs to be strong for sustained upward movement.
0.715 (0.886 Fibonacci level): This is a key resistance level before hitting the Y wave target (E) at 0.725.
0.725 (1.0 Fibonacci extension): The major resistance level and target for the current Y wave formation.
0.685 (NT level): This level is critical as immediate support. If the price holds above this, the uptrend may continue.
0.675 (V level): Another support level which could act as a reversal point if the price pulls back.
Enter on the breakout above the Kumo cloud at around 0.685, with confirmation of bullish momentum.
Place a stop-loss below the Kumo at 0.650, which is also below the previous consolidation support zone.
This setup presents a bullish scenario if the price can hold above the NT projection level (0.685) and break through the resistance near 0.715. Watching for Ichimoku confirmation with a clear Kumo breakout is key to entering the trade confidently.
CRESBLD trade ideas
Crest Builder BHDLast week price retest the hidden base and at left side and become flag limit zone.. Good looking CS hammer pattern give clue to us that this counter will shot up someday.Triangle pattern must be broken up first. Expect price to retrace into flag limit zone/demand/buying zone before going up
Akan Datang? (Crest Builder; 8591kl)Stock code: 8591
Stock name: Crest Builder Holdings Bhd
Screener: 18LC for 11 Feb 2019
Observation date: 11 Feb 2019
Observation:
a) Price & Volume:
- Price: Average spread with wide spread on upbars.
- Volume: Low vol. on average price spread with high volume on price upbars.
b) Market Stage:
- End of Accumulation stage (S1) and beginning of Mark Up stage (S2).
- Price did make an attempt to break Resistance Line 1 (RM1.07) but failed.
c) Trading Range:
- Price was trading within a Trading Range (between Dec'17 to mid-Feb'19).
- As the time of writing, price is waiting to break Resistance Line 1.
d) Resistance & Support:
- Price made a Triple Bottom (within the Trading Range) before breaking then Resistance Line (now Support Line 1).
- It then make a pullback with support above the Support Line 1 before breaking then Resistance Line (now Support Line 2).
- At the time of writing, price closed at 5% gain with the close near to Resistance Line 1.
Remarks:
- This chart resembles a classic Wyckoff conceptual map for S1.
- Price may attempt to break Resistance Line 1 in the next few bars and make a pullback before moving up.
- If this succeeds, it will be the beginning of S2.
- We noticed that price went parabolic upmove before going down within a few days in mid-Nov'18. For knowledge purpose, we can say that Smart Money is testing to see if there is any sellers at that price. For trading purpose, traders should be cautious when price went parabolic.