Looking at the chart for Petronas Chemicals Group Berhad, here's my analysis:
Current Price Action:
- Trading at RM5.08, down 8.04%
- Currently showing potential bottoming pattern
- Below all major moving averages (SMAs 10, 20, 50, 200)
Technical Analysis:
1. Moving Averages:
- SMA 10: 5.47
- SMA 20: 5.56
- SMA 50: 5.61
- SMA 200: 6.32
- All MAs in bearish alignment suggesting strong downtrend
2. Volume Analysis:
- Significant volume spike noted during recent selling climax
- Volume: 19.15M shares
- Recent buying interest emerging on volume
Key Events:
- September 2024: MYR1.426B (+174.76%)
- June 2024: MYR519M (-50.85%)
- Net income showing decline: MYR-657M (-5109.89%) in September
Price Structure:
- Long-term downtrend from RM6.60 levels
- Recent selling climax followed by accumulation
- Potential inverse head and shoulders pattern forming
Trading Considerations:
- Watch for break above RM5.40 for trend reversal
- Support building around RM4.80
- Risk management crucial given high volatility
- Need to see price back above moving averages for bullish confirmation
Current Price Action:
- Trading at RM5.08, down 8.04%
- Currently showing potential bottoming pattern
- Below all major moving averages (SMAs 10, 20, 50, 200)
Technical Analysis:
1. Moving Averages:
- SMA 10: 5.47
- SMA 20: 5.56
- SMA 50: 5.61
- SMA 200: 6.32
- All MAs in bearish alignment suggesting strong downtrend
2. Volume Analysis:
- Significant volume spike noted during recent selling climax
- Volume: 19.15M shares
- Recent buying interest emerging on volume
Key Events:
- September 2024: MYR1.426B (+174.76%)
- June 2024: MYR519M (-50.85%)
- Net income showing decline: MYR-657M (-5109.89%) in September
Price Structure:
- Long-term downtrend from RM6.60 levels
- Recent selling climax followed by accumulation
- Potential inverse head and shoulders pattern forming
Trading Considerations:
- Watch for break above RM5.40 for trend reversal
- Support building around RM4.80
- Risk management crucial given high volatility
- Need to see price back above moving averages for bullish confirmation
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.
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.