MASTEEL buy signal based on MRV1 setup on 4 Jan 24 at RM0.345
This is a repeated signal that was triggered multiple times, but the focus is on the one that happened on 14 Dec 2023 at the closing price of RM0.335.
The support area could be established at the equilibrium support area of RM0.300, which is also suggested as the stop loss to maintain a minimum risk of 10% based on the price.
The target price is somewhere between RM0.405 and RM0.410 with a 1:2 risk/reward ratio, aligning with the equilibrium resistance price area. Adjust the risk/reward ratio to 1:1.5 or 1:1 based on preference.
The expected holding period is about 2-3 months since the signal comes from the daily chart.
Pattern-wise, it’s still trying to break above the ascending triangle pattern, which was broken multiple times, just not closed above the triangle resistance. A momentum reading appeared as confirmation for the pattern play.
This information is for discussion purposes only and is not a buy/sell call.
MASTEEL trade ideas
Masteel, only for rebound trade ATM A series of LH LL were shown on chart.
Wait for confirmation of strong reversel trend to swing higher.
>> Broken all EMA lines
>> Price below Hull MA (red)
>> Although LTF showing positive divergence, but just wait for better confirmation.
Always remember, trend is our best friends.
When a stock / index has gone up substantially, we must be more care if we decide to get involve in it...
monitor closely and be agile....
we cannot PREDICT what definitely will happen ~ we can only RESPONSE to what we see!
Disclaimer: Mentioned stocks are solely based on own opinions for education and/or discussion purpose only. There's no buy and/or sell recommendation. Trading involve financial risk on your own. The author shall not be responsible for any losses or lost profits resulting from investment decisions based on the use of the information contained herein.
MASTEEL entering Stage 2 with VCP MASTEEL double bottom spotted on the left (red box) experiencing downtrend stage 4 for more than 500 days. Huge volume spotted since Nov 2022 and chart reversal from stage 4 to stage 2.
VCP setup on the right (green box) for more than 2 months with contraction below:
C1: -20%
C2: -13%
C3: -6%
Price breakout on 26th Jan and experiencing a pullback to re-test the support. This movement is similar to PPHB that i shared earlier. (refer to link below)
Let's see if this counter can go up further after the pull back.
Note: Metal sector seem brewing, another metal counter also having very good setup, will share the idea later.
Feel free to comment to let me know your thoughts.
Disclaimer:
Information presented here is not intended to be used as the sole basis of any investment decisions nor should it be construed as advice designed to meet the investment need of any investor. Trade at your own risk.
Come on, Wave 5 OTW I Think STEEL bar manufacturer Malaysia Steel Works (KL) Bhd (Masteel), whose stock price has jumped 60% over the past month, is said to be a takeover target of a Bursa Malaysia-listed integrated builder conglomerate, according to market sources.
“A locally listed building materials distributor, which has been actively acquiring companies and businesses in recent years, is now eyeing Masteel as its next target"
TAYOR
Swing Trategy TAVASector: Steel
RRR: 1:1
Swing Entry at TF 30 min
Disclaimer:
You should not engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. If you do not fully understand these risks you must seek independent advice from your financial advisor. All trading strategies are used at your own risk.
Bullish SteelWe notice a price breakout above the Symmetrical Triangle, hence we are optimist on further bullish movement towards minimum target at 0.945, followed by 1.08 if the buying momentum still persist. Nearest support is seen at 0.58.
Disclaimer: No trading strategy provided here. Our content is intended to be used and must be used for technical analysis education purposes only