MILUX TECHNICAL ANALYSISTechnical analysis for MILUX Stock based on Trend Analysis, Chart Pattern and VPA
1) In Monthly TF
- Price candle continue uptrend since Oct 2021 after long-term accumulation before that.
- Current price candle trend has move upward with strong volume.
- Latest OCT 21 monthly candle shows a long bullish candle with significance upper wick accompany by high volume, volume validate the price action however significance selling pressure occur in the market. As long the price action maintains the UTL, the Primary Trend-uptrend movement will continue.
2) In Weekly TF
- Uptrend has occur from 4 Oct 2021 to 15 Nov 2021 weekly candle maintaining the UTL.
- Current price candle trend moves upward accompany by decreasing volume, volume telling anomaly occur in this stock. The uptrend move is loosing momentum and this bullish will not sustain longer. By right each time price move upward must be support by increase in volume to have sustain bullish-The Law of Cause and Effect.
- Latest 15 Nov 21 Weekly candle show a solid long Bullish candle accompany by significance volume, when comparing the volume with previous week-the price candle is shorter accompany by high volume. However latest weekly candle have much longer bullish candle with lesser volume, volume tell anomaly occur in the market. Price action with Long Bullish candle should be reflect by high volume-The Law of Effort vs Result. Possibility Secondary Trend will face reversal.
3) In Daily TF
- Overall trend move upward by forming a Uptrend Channel Pattern with the immediate Support line at price 1.330. The price action still maintaining the Uptrend Channel pattern with highest VAP in 1.170-1.215 area are considered as strong support.
- Current daily price candle trend has move upward and touch the upper Uptrend Channel line with decreased volume indicate anomaly, suggest price may move upward along the Uptrend Channel to entering Distribution phase and retrace after that.
- Latest 22 Nov 21 candle give a long Bullish candle with long lower wick accompany by above average volume with the volume decreasing with increasing price. Volume tell anomaly occur in the stock, bullish movement will not sustain for longer. The Secondary Trend-reversal will occur. Be careful and set Cut Loss.
*Please take note this idea for learning purposes and NOT A BUY CALL.
