DNEX - Looking for bullish continuationP wave with target (E) within stipulated time.
The last traded price is around 0.296.
The price has recently moved above the Kumo. This suggests a potential shift towards a bullish sentiment or at least a consolidation phase above the previous resistance.
The Chikou Span is above the price action of 26 periods ago and is also above the Kumo, which is a bullish signal.
After a downtrend from early 2025, the stock found support around RM 0.230 in April. Since then, it has been attempting a recovery, forming what appears to be a potential inverse head and shoulders pattern or at least a base. The stock has pulled back slightly and is currently consolidating above the Kumo.
Immediate resistance at. If price can be maintained above this level, it may achieve the target (E) 0.320-0.325.
Immediate support is provided by the top of the Kumo and Tenkan Sen, currently around 0.285 - 0.290. Stronger support is seen at the bottom of the cloud and the previous swing low around 0.270.
Overall Trend:
Long-term: Bearish, but showing signs of bottoming out and attempting a reversal.
Medium-term: Neutral to slightly bullish, as the price is above the Kumo and the Chikou Span is strong.
Short-term: Consolidating with a bullish bias, provided it stays above the Kumo.
Entry Strategy:
Aggressive Entry: Consider an entry on a rebound from the current support area (top of Kumo/Kijun-sen) around 0.290 - 0.295, with confirmation of bullish candlestick patterns.
Conservative Entry: Wait for a confirmed breakout above the strong resistance at 0.325. A strong close above this level, ideally with increased volume, would be a more reliable entry signal.
Stop-Loss:
For Aggressive Entry: Place stop-loss below the bottom of the Kumo, perhaps around 0.265 - 0.270. A close below this level would negate the current bullish setup.
For Conservative Entry (after 0.325 breakout): Place stop-loss below the breakout level, perhaps around 0.310 or below the Kijun-sen if it starts to flatten/rise with the price.
Note:
1. Analysis for education purpose only.
2. Trade at your own risk.
