VARIA BERHAD - [VARIA]Overall Trend :
The stock has shown a strong bullish trend since mid-June, with the price rising from around MYR0.84 to current levels above MYR1.00.
Price Action :
The stock experienced a significant spike in mid-July, reaching a high around MYR1.08.
After a pullback, it has recently made another strong move upward in August.
Current price is hovering around MYR1.04, showing continued bullish momentum.
Volume :
Volume spikes coincide with major price movements, particularly noticeable during the July and August rallies.
Recent volume appears to be supporting the upward price action.
Support and Resistance :
A key support level seems to have formed around MYR0.90-MYR0.92.
Resistance appears to be around the MYR1.08 level, which was the previous high in July.
Candlestick Patterns :
Recent candles show long green (bullish) bodies, indicating strong buying pressure.
There are some upper wicks on recent candles, suggesting some selling at higher levels.
Momentum :
The stock appears to be in a strong uptrend, with higher lows and higher highs being established.
Potential Scenarios :
Bullish: If the stock breaks above the previous high of MYR1.08, it could signal further upside potential.
Bearish/Consolidation: A pullback to test the support around MYR0.90-MYR0.92 could occur if profit-taking sets in.
Overall, the technical analysis suggests a bullish outlook for Varia Berhad in the short to medium term, with strong momentum and trend indicators. However, traders should be cautious of potential overbought conditions and watch for any reversal signals.
