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GREEN OCEAN CORPORATION BERHADGREEN OCEAN CORPORATION BERHADGREEN OCEAN CORPORATION BERHAD

GREEN OCEAN CORPORATION BERHAD

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GOCEAN trade ideas

GOCEAN (17/11/2020) battling resistanceGOCEAN is now on a major pullback and riding the downtrend parallel channel. Stochastic shows a probably short uptrend with MACD still not showing any sign of breakout. Nearest resistance is 0.225, with support of 0.15 (RRR 2:1 - not a good entry). On lower timeframe, it seems to be making a limited upside testing the resistance 0.225. With enough volume, it could breakout to meet next resistance at 0.29. There isn’t much Banker’s chip done on the past month, therefore we could anticipate a slower price movement. A good entry is to let it break SMA60 resistance and EP 0.230, and ride along until TP 0.280, with Support at 0.19 (SMA10). RRR around 1:1. The stock has relatively high balance float (72% of 414M shares), comparing with GLBHD (26% of 223M shares). This adds extra friction to its price action when sector theme comes into play. TAYOR.
MYX:GOCEANShort
by sothye