OVH buy signal based on MRV1 setup on 2 Jan 24 at RM0.225
- This is actually a repeated signal, as it was previously triggered on 14 Dec 2023 at a similar price of RM0.220.
- Although the support area could be higher, I would set the stop loss to RM0.195 to avoid having a stop that’s too tight.
- The target price is RM0.270. To maintain a risk/reward ratio of 1:2, you may choose to adjust this to 1:1.5 or 1:1 based on your preference.
- The time horizon is 2-3 months, as the signal is derived from the daily chart.
- The price is still at the lower range of the historical price, and there’s good momentum play on the previous signals.
- There’s a 1-2-3 movement pattern from the series of higher highs (HH) and higher lows (HL) after the price retracement in October 2023. This is good enough for a momentum play, especially with an uptick nearing an equilibrium support area.
- The immediate resistance is at RM0.250 and the next resistance is at RM0.295.
- The support zone is at RM0.210.
**Only for discussion purposes. Not a buy / sell call**
OVH trade ideas
OVH trendlineTrendline Breakout: OVH has recently broken out of its downward trendline, which is a bullish signal. This indicates that the selling pressure has weakened and buyers are gaining control.
Higher Lows: The stock has formed a series of higher lows, suggesting that the downward momentum is slowing down. This pattern indicates that buyers are stepping in at lower prices, preventing the stock from making new lows.
<TradeVSA> Shakeout Completed in OVHSign of Strength in the chart:
1. Shakeout Pattern
2. Green Pentagon Bullish Signal
3. Healthy Pullback
Disclaimer
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock
OVH - Newcomer "jewel" for Oil and GasEntry Strategy:
1) Less risk entry in the marked zone. Cl set below 0.34.
Chart:
1) Price bounced temporary when in the zone.
2) Possible base rejection is seen.
3) Huge win/loss ratio.
Sentiment:
1) Oil and gas - energy sector recovery
2) Crude oil price in bullish mode
I am nubis, i am non-premium members ..follow if you think this idea make sense..just sit back, relax and moke some money.
-Heil_Z-
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