SAPNRG trade ideas
SAPNRG Weekly EWWe had seen a good rejection at 0.035 for the stock in which it closed the past week with bullish engulfing candle. However, the selling pressure for the stock is still yet over. As such, i personally opined that the price will be stagnant untill the realization of ICPS presumably by end of February this year.
HTF: Uptrend
LTF: Natural
Long 0.045
TP 0.100
*This sharing of analysis shall not be treated as financial advice. Trade at your own risk.*
Sapura Energy Trading IdeaThis idea is derived from manual calculation based on elliot wave fibonacci sequence. The method best suit to identify the probability of future demand supply areas/zones and minimum maximum extension of the price action projection. As the price might go over or not reached the targeted price, future updates on each points of interest is required.
This shall not be treated as a trading advice. Trade at your own risk.
50/50 PROBABILITIESI still don't see any buying opportunities in this stock because the price is still in a downtrend channel. In the most recent Q2 earnings report, we realised that this company is still making a loss in terms of net income. The good news is, they have won few projects which may be a good catalyst for an investor. As of now, if the price breaks above 0.125, Buyers may begin to anticipate pushing the price higher. However, You should be aware that there has been a lot of selling pressure in the past. So, I'd say there's a 50/50 chance of going long on this stock.
EXPECT RANGING MOVEMENTAs expected price move to the downside and we can see there's no momentum of bullish or bearish movement. So, I'm expecting price will move sideways in channel movement but doesn't mean we cannot find opportunity to entry. I will monitor whether the price could hold around my support area in line with support trendline. If so, I will consider to entry long around that area.
POST MORTEM ANALYSISIn my previous analysis we are up by 45% profit which price reached at projected resistance area recently. So my suggestion to take profit now and price might be ranging for a moment as lot of traders starting to close their position based on a price action. My expectation after this to see price retest back at support area around RM 1.30 and by that I might consider to buy again on this counter.
