PWROOT Rebound Today (9 June 2023), the stock close higher with large volume. Not only that, the stock made a gap up and break above MA50. Meanwhile, based on weekly chart, we can see that PWROOT has rebound from MA50 as well as cross up MA20. We can see that MA50 is the strong support because, the price failed to breakdown the MA50 since 2 weeks before (22 May 2023 - 29 May 2023) . In addition, there might be a crossover from the oversold region in the near term. Therefore, this might be a continuation for PWROOT to move higher again.
PWROOT trade ideas
A Breakout Signal!A significant price movement on recent trade shows a breakout signal with volume confirming the price movement. And created an early stage of a "fish tail" in the Bollinger Band (BB) chart. MACD and OBV charts indicate a divergence signal. Will it be able to continue the price rally momentum? The probability is high since the price was above MA20. And will have a probability of having a price correction between 10% to 20% drop in price value from a recent peak. If the price correction is without the high volume then it might be able to continue with the price rally momentum. Put PWROOT in your WL and watch out for price rally with volume.
R 1.64
S 1.35
PWROOT - Temporary bottom formBanker chip at accumulate stage
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(Disclaimer: for demonstrate own planned trade records study only and education purpose, not for recommend to buy or sell. Trade at your own risk)
POWER ROOT BERHADMy opinions for PWROOT:
1) I'm inclined to enter the second zone for long term.
2) There are a lot of significant SNR zone in zone 2.
3) If you are looking for a long term, then 2nd zone is for you
4) If you are a day trader, looking for 5 to 6% of gain, you can enter in zone 1 when M15 timeframe Stoch is making a Bullish Reversal.
5) EPS looks good,
Good Luck.
Long PWROOTMYX:PWROOT
EP 2.19/2.20
TP1 2.45 (12.07%)
CL1 2.05 (6.61%)
CL2 1.895 - very strong support
Reason for long:
1. The price has break the downward trendline
2. MACD just crossed up indicating change of trend
3. RSI is less than 70%
This is for education purpose only. Not referring to any long or short call.
Stock Pick - Power Root (7237)Power Root may soon test the RM2.24 resistance level. With an RSI above 50%, a bullish bias may be present above this mark with target prices of RM2.40 and RM2.50. Meanwhile, it may continue moving sideways if it fails to cross RM2.24 in the near term. Support is then anticipated at RM2.08, whereby traders may exit on a breach to avoid the risk of a further correction.
Trading Call: Buy upon breakout above RM2.24
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Bearish momentum for Power Root BerhadTenkan-Sen (Blue line) had crossover Kijun-Sen (Red Line) and move below Kijun-Sen (Dead Cross) indicate a selling signal. Price is below kumo-cloud indicates stocks in bearish momentum. Chikou-span (green line) tried once to break kumo-cloud but failed. It giving an indication the bearish momentum is strong. The support line for Power Root berhad ia at line RM 1.15 while the nearest resistance at RM 1.45.
