Looking at the chart for Southern Cable Group Berhad, here's my analysis:
Current Price Action:
- Trading at RM1.24, up 5.98%
- Strong uptrend in place since October 2023
- Price is currently above all major moving averages, indicating bullish momentum
Technical Structure:
1. Moving Averages:
- Price trading above both short and long-term moving averages
- Moving averages are in bullish alignment (shorter above longer)
- Acting as dynamic support during pullbacks
2. Volume Analysis:
- Recent volume increase supporting the price rise
- Volume pattern shows healthy accumulation
- Bottom indicator suggests positive money flow
3. Key Levels:
- Support around RM1.10 (recent consolidation area)
- Previous resistance around RM1.00 now acting as support
- Current breakout level at RM1.20 becoming new support
Notable Events:
- Significant drop in June 2024 (MYR-18.287M, -183.18%)
- Recovery from September 2024 with strong momentum
- Current price action showing highest levels in the chart's timeframe
Outlook:
- Overall trend is strongly bullish
- Price structure showing higher highs and higher lows
- Momentum indicators suggesting continued strength
Trading Considerations:
- Buy zones near moving average supports
- Risk management stop loss below RM1.10
- Trend following strategy appears optimal given current structure
Current Price Action:
- Trading at RM1.24, up 5.98%
- Strong uptrend in place since October 2023
- Price is currently above all major moving averages, indicating bullish momentum
Technical Structure:
1. Moving Averages:
- Price trading above both short and long-term moving averages
- Moving averages are in bullish alignment (shorter above longer)
- Acting as dynamic support during pullbacks
2. Volume Analysis:
- Recent volume increase supporting the price rise
- Volume pattern shows healthy accumulation
- Bottom indicator suggests positive money flow
3. Key Levels:
- Support around RM1.10 (recent consolidation area)
- Previous resistance around RM1.00 now acting as support
- Current breakout level at RM1.20 becoming new support
Notable Events:
- Significant drop in June 2024 (MYR-18.287M, -183.18%)
- Recovery from September 2024 with strong momentum
- Current price action showing highest levels in the chart's timeframe
Outlook:
- Overall trend is strongly bullish
- Price structure showing higher highs and higher lows
- Momentum indicators suggesting continued strength
Trading Considerations:
- Buy zones near moving average supports
- Risk management stop loss below RM1.10
- Trend following strategy appears optimal given current structure
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.