DANCO trade ideas
Short-term Trading Opportunity in Dancomech (5276.KL)Based on the daily chart, the trend for Dancomech just started turned to bullish. Dancomech have moving sideways in accumulation stage for more than a month with resistance at RM0.495. The bar on 22 Nov broke above the resistance level with widespread bar (18LC) and high volume. This indicate the beginning of mark-up stage.
Few sign of strengths are well spotted too during the accumulation period which show Smart Money are flushing the weak-hand holders and buy at the lower price. Currently Dancomech offer a low risk short-term trade as the chart just turned to mark-up stage.
Based on hourly chart, we spotted 2 buy signals from 18LC with high volume. The 2nd Buy Signal formed a good setup for those who missed the 1st entry. Place your stop loss below the Support Level RM0.495 and take profit at the resistance RM0.58.
Disclaimer
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock.
