Looking at the chart for UEM Sunrise Berhad, here's my analysis:
Current Price Action:
- Trading at RM1.16, up 9.43%
- Strong breakout from recent consolidation
- Price moving above all major moving averages
Elliott Wave Analysis:
- Completed waves I through IV
- Currently in early stages of wave V
- Wave V target projected at RM1.38 (1.618 Fibonacci level)
Key Technical Levels:
1. Support:
- Strong support at RM0.92 (wave IV low)
- Secondary support at RM1.05 (recent consolidation base)
- Moving averages providing dynamic support
2. Resistance:
- First resistance at RM1.29 (1.272 Fibonacci)
- Major resistance at RM1.57 (2.272 Fibonacci)
- Previous high around RM1.38 (1.618 Fibonacci)
Volume Analysis:
- September 2024: MYR25.914M (+124.51%)
- June 2024: MYR-105.723M (-245.80%)
- Recent volume spike supporting breakout move
Trading Considerations:
- Breakout confirmed with volume
- Stop loss could be placed below RM1.00
- Risk/reward favorable for wave V target
- Momentum indicators showing strong buying pressure
Current Price Action:
- Trading at RM1.16, up 9.43%
- Strong breakout from recent consolidation
- Price moving above all major moving averages
Elliott Wave Analysis:
- Completed waves I through IV
- Currently in early stages of wave V
- Wave V target projected at RM1.38 (1.618 Fibonacci level)
Key Technical Levels:
1. Support:
- Strong support at RM0.92 (wave IV low)
- Secondary support at RM1.05 (recent consolidation base)
- Moving averages providing dynamic support
2. Resistance:
- First resistance at RM1.29 (1.272 Fibonacci)
- Major resistance at RM1.57 (2.272 Fibonacci)
- Previous high around RM1.38 (1.618 Fibonacci)
Volume Analysis:
- September 2024: MYR25.914M (+124.51%)
- June 2024: MYR-105.723M (-245.80%)
- Recent volume spike supporting breakout move
Trading Considerations:
- Breakout confirmed with volume
- Stop loss could be placed below RM1.00
- Risk/reward favorable for wave V target
- Momentum indicators showing strong buying pressure
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.