PARKSON buy signal based on MRV1 setup on 3 Jan 24 at RM0.285This is actually a repeated signal, as it was previously triggered on 29 Dec 2023 at a similar price of RM0.275.
The support area could be set at RM0.245, or at the equilibrium price of RM0.240. Either way would still adhere to the minimum 10% risk based on the price.
The target price is RM0.335, to maintain a risk/reward ratio of 1:2. However, you may choose to adjust this to 1:1.5 or 1:1 based on your preference.
The expected holding period is 2-3 months, as the signal is derived from the daily chart.
Price pattern shows that this counter quite recently broke away from a symmetrical triangle and now retesting the resistance. There is a possibility that price would fail to break the resistance signal was triggered at an uptick candle near the diagonal support of a rising price channel.
The immediate resistance is at RM0.300 and the next resistance is at RM0.355.
The support zone is at RM0.240.
**Only for discussion purposes. Not a buy / sell call**
