BAUTO trade ideas
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
BullishSignificant close above resistance at 1.38. Potentially continues rising to 2.10. Exit below 1.12
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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
BAUTO - Minor wyckoff accumulation before marking up?Hi,
I think this hourly TF shows a nice VSA/Wyckoff accumulation pattern
We have a confluence of horizontal line A which was a previous resistant than has been broken to the upside, and the up trendline C which has been supporting price before (please zoom out the chart to clearly see the significant of these two lines)
Bar 1 and 2 both had high volume and their closes were away from the low of the bars. In VSA method, a down bar that closes away from the bar's low with high volume indicates buyers entering the market (stopping volume). These high volume bars are usually "tested" again to see any remaining supply, and in this case I believe bar 3 was the test. Bar 3 was a down bar with light volume.
If price manages to break above the downtrend line A, it might be ready to mark up higher.
Trade at your own risk, comments are welcomed.
Technical Breakout: Bermaz Auto Berhad (5248)Bauto has been trading sideways between the support (S1: 1.85) and the resistance (R1: 2.43) for almost 4 years. It broke out above the R1 on 10 June 19 with a volume of 23mil. The stock now has a price target (PT) of 3 so long it continues to trade above R1.
10-week EMA is often used by traders for entry signal while 30-week EMA is for long term investors. Bauto's share price is currently trading above its 10-week EMA (2.36) and 30-week EMA (2.27).
$BERA.KL #FBMKLCI #KLCI #BursaMalaysia
