Mmag
MMAG Mid Term SetupSetup strategy:
Wait for price to test on green support zone for better risk and reward ratio, as strong downward pressure is still on the way from Monthly chart.
RSI index at neutral.
Price at Bolinger Band Mean line.
Remarks from author
1)This analysis does not represent long or short trade immediately, it is solely on the author analysis
2)Trade at your own risk with proper lot sizing and follow your own trading plan
3)Risk management is always be the top priority
MMAG - are we expecting rebound now?-It has been 7 consecutive days of lower lows for MMAG.
-Next support at 665.
-OBV at 200mil, the lowest since Sep 2019, indicating high selling pressure
-it all started with some market correction, profit taking and announcement by politician to form new government
-on positive notes, current PM already secure support from Sabah poll - so impact of politic instability will vanish soon
-MMAG in news highlight such as job with ECRL, e-wallet JV with Green Packet and takeover of Bestinet - these all positive news
-technically there is no sign of trend reversal just yet, it will remain bearish until further indications otherwise
MMAG - You Should Ignore the SpikeMMAG - This thinly traded stock is suddenly flushed with stronger than average buying interest, pushing it sharply. Indicators seem promising, Bollinger Band is widening & sloping upward. Is there further space left? We think the risk of riding the stock is high at current level. Resistance is getting closer at 0.35. We particularly do not like stock with sudden heavy swing, the nature of the stock is highly manipulative, so if retail traders intend to ride on it, the risk will be greater than usual, as the price is hard to predict. And the wild swing can leave one unable to react quickly in case selloff happen - like what happen to PRG on yesterday, the stock pushed to 1.30 and quickly melted down to 0.955. What will you react if this happen? So, it's good to avoid.
