SCGBHD trade ideas
SOUTHERN CABLE GROUP BERHAD
The price is currently touching the middle band (20-day moving average) of the Bollinger Bands.
The upper band (resistance) around MYR0.92–MYR0.93 seems far from the current price, implying there is some room for upward movement.
The lower band around MYR0.75 acted as support during the previous downtrend.
A tightening of the bands suggests a period of low volatility, which could be a precursor to a breakout either to the upside or downside.
Volume on this uptick is relatively modest, around 4.08M, which indicates that the current upward movement may lack strong conviction. However, sustained increases in volume on the next few bullish candles could support a potential trend reversal.
Immediate Resistance: The first key resistance level is around MYR0.880, which coincides with recent highs and the upper Bollinger Band. A break above this would expose the stock to test levels near MYR0.92–MYR0.93.
Immediate Support: The stock is holding support around MYR0.800–MYR0.815, where buyers seem to have stepped in recently. A failure to hold this support could lead to a retest of MYR0.750, near the lower Bollinger Band.
A reversal pattern could be forming, especially if the stock continues to trade above the middle Bollinger Band and breaks above the 50-day SMA.
Bullish Signals: Holding above the middle Bollinger Band and potential moving average support could be early signals of a trend reversal. The next few sessions will be key to determining whether the stock can break resistance levels.
Bearish Risks: A drop below MYR0.815 could lead to a retest of MYR0.750, which may indicate continued bearish pressure.
SCGBHDAlgo TradingSystem by Remisier CheDin
The current market conditions, as identified by my algorithmic system, indicate potential upward signals. These signals include increased trading volume, an upward trend with prices above the EMA20 and EMA50. Consequently, the present conditions suggest a possible upward trend.
It's crucial to remember that trading strategies account for only 10-20% of your overall trading success. The majority of your success depends on effective risk management. This involves having a well-defined trading plan and appropriate position sizing, which are essential for maintaining the right trading psychology. Master your risk management and trade according to your plan.
SCGB, Uptrend based on AlgoSignal StrategyThe current point exhibits promising upward signals according to my algorithmic system, meeting various criteria. These include rising trading volume, an upward trend indicated by prices above EMA20 and EMA50, and the closing price surpassing VWAP. As a result, the present conditions suggest a potential upward trend.
Very strong uptrend momentum spotted- SCGBHDMarket rebounded today since US market recorded a strong rebound.
Market sentiment getting better and Tech stock doing good.
5G related stock experiencing abnormal gain recently.
SCGBHD would be transferred to main market soon and hence portfolio manager could potentially up stake in this counter.
Volume started to spike up this week showing big funds is collecting ticket heavily.
We notice big boys keep buying at RM0.49~0.RM50
Downtrend reversal confirmed today since price breakout from box resistance RM0.485 evidenced by heavy volume.
Proper shake out done from 23/09/2021 until today.
Banker chips increasing also indicating buying force taking upper hand in deciding future trend.
We expect price to break out RM0.50 tomorrow (30/09/2021) and would experience a good uptrend rally for few days.
Entry: RM0.50
TP:RM0.55
Cut loss:RM0.465
*Buy at your own risk*
