MYEG - Analysis of potential market movement.N wave with E, V, N & NT projection.
The price has broken above the Kumo, signaling a shift to bullish momentum.
The Tenkan-sen and Kijun-sen lines are in a bullish crossover, supporting upward momentum.
The Chikou Span is above the price, confirming the bullish sentiment.
NT (0.905): This is the immediate support level, with the price sustaining above it after testing it during the correction phase.
The Kumo thickness indicates support around the NT level (0.905), serving as a strong area for potential bounce back.
Increasing volume during the breakout above the Kumo indicates strong buyer interest.
Consider entering a long position near the current price of 0.945, preferably on a confirmed breakout above the N level (0.970) with a strong volume.
Confirmation: Look for bullish price action (like a breakout candle) to confirm the entry, ideally watching for a close above the resistance level of 0.970.
Set a stop-loss around 0.895, just below the NT level, to protect against downside risks and to account for normal volatility.
Monitor overall market sentiment and any news related to MYEG or the Malaysian tech sector that could impact trading behavior.
Volume analysis is crucial; increases in volume while approaching breakout levels will validate bullish sentiment.
Keep track of potential volatility as the price approaches projected resistance levels, adjusting stop-loss orders to lock in profits upon favorable movement.
Note:
1. Analysis for education purposes only.
2. Trade at your own risk.
