Melati Ehsan Holdings Bhd
Overall, the technical indicators suggest a bullish outlook for the stock in the short to medium term, but traders should be cautious of potential consolidation or further retracement after the recent strong move up.
- Trend: The stock has been in a strong uptrend since late June/early July 2024. Prior to this, it was trading in a sideways range for several months.
- Price Action: There's a significant price breakout visible in July, with the stock price rising sharply from around 0.54 to a high of 0.675.
- Support and Resistance:
Current support level appears to be around 0.60-0.61
Resistance level can be seen at the recent high of 0.675 - Volume: There's a noticeable increase in trading volume coinciding with the price breakout, indicating strong buying interest.
- Moving Averages: The stock price is currently trading above both the short-term (likely 50-day) and long-term (likely 200-day) moving averages, which is generally considered bullish.
- Volatility: The stock has shown increased volatility since the breakout, with larger price swings compared to its previous range-bound behavior.
- Recent Price Action: After reaching the high, there's been a slight pullback, which could be a normal retracement after a strong move up.
- Potential Patterns: The recent price action might be forming a bull flag pattern, which if confirmed, could suggest further upside potential.
Overall, the technical indicators suggest a bullish outlook for the stock in the short to medium term, but traders should be cautious of potential consolidation or further retracement after the recent strong move up.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
➀➁➂➃➄
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.