SKYGATE testing MA200 and reboundLooking at the chart for Skygate Solutions Berhad, here's my analysis:
Current Price Action:
- Trading at RM1.03, up 6.19%
- Strong breakout from downtrend
- Price moving above all major moving averages
Technical Analysis:
1. Support/Resistance:
- Major support at RM0.900
- Stop loss level at RM0.130 (12.62% risk)
- Resistance around RM1.04 (recent high)
2. Trading Setup:
- Target price: RM1.26
- Risk/Reward ratio: 1.73
- Position size suggestion: 1538 shares
- Good volume confirmation on breakout
Key Financial Events:
- September 2024: MYR12.577M (+24.29%)
- June 2024: MYR10.119M (+170.49%)
- September 2024: MYR3.583M (-1032.07%)
Volume Analysis:
- Recent volume spike supporting breakout move
- Above average volume indicating strong buying interest
- Money flow indicator turning positive
Trading Considerations:
- Breakout from downtrend confirmed
- Moving averages beginning to turn upward
- Strong momentum with volume support
- Clear risk/reward parameters established
