BAUTO TECHNICAL ANALYSISTechnical analysis for BAUTO Stock based on Trend Analysis, Chart Pattern and VPA
Bauto
BAUTO MAZDA head to RM1.10BAUTO MAZDA head to RM1.10. Revisit last support.
Lockdown forever, who wants to buy a car?
BAUTO - limited upside inside triangle pattern?After -13% pullback over 14 days, we observed a reversal with limited upside within symmetrical triangle. We also observed a strong resistance @ 1.47, which could be one of the barriers to hit our TP. Volume is reduced during the pullback, and we can see it continues to build during the reversal.
MACD+RSI+STO showing a positive movement and we believe it will continue next day.
EP 1.43
TP 1.55 (+8%)
SL 1.31 (-8%)
Speed: Fast with 512M shares float (44% of 1164M shares)
Sentimen: Bullish automotive sector for 2021
TAYOR
Buy on Breakout with low riskTA:
Higher low formed
Short term trendline breakout after long term trendline breakout with EMA25 heading towards EMA50
1st entry price 1.25, 2nd entry price 1.35
TP1 1.45-1.50 (7.5-11%)
TP2 1.60 (18%)
SL 1.28 (5% loss if EP 1.35)
FA:
Geely sales volume new high (already react in its share price movement)
Vaccine news create confident towards consumer sector
Market Performance in October 2020
Sales volume in October 2020 was 5.2% higher than similar corresponding month in 2019.
Sales volume for October 2020 was 0.4% higher than September 2020.
● New model launches
● On-going aggressive promotional campaigns by car companies
Bermaz Auto breakout from 4 years rangePrice will retest after breakout from 4 years range
take long after retest done
