Simple13 Trading IdeaCurrent Price: RM 0.96
After previously breaking below the uptrend channel, the stock has shown resilience by rebounding back within the channel support. Despite heavy selling pressure over the past two weeks, the price has maintained a tight consolidation, indicating a potential rebound.
Trading Plan
Take Profit Area: RM 0.96 to RM 1.08 (within the upper range of the channel).
Entry Area: RM 0.96 to RM 0.925 (near the lower channel support).
Cut Loss: RM 0.90.
If the price drops below RM 0.90, it could signal a failure to hold the uptrend channel, and the pullback might go deeper than expected.
Summary
The stock shows positive signs of resilience within the uptrend channel, with consolidation forming a solid base for a potential rebound. If the price respects the channel support, it could offer a rewarding risk-to-reward setup.
Disclaimer: This post is for informational purposes only and not financial advice. Always perform your own analysis before making any trading decisions.
MYX:PANTECH
