HARTA finished making wave 4?Looking at the chart for Hartalega Holdings Berhad, here's my analysis:
Current Price Action:
- Trading at RM3.65, up 3.40%
- Recently pulled back from wave iii peak
- Price holding above key moving averages
Elliott Wave Analysis:
- Completed waves i through iii
- Currently in wave iv correction
- Wave v target projected around RM4.08
Key Technical Levels:
1. Support:
- Strong support at RM3.54 (0.382 Fibonacci)
- Secondary support at RM3.39 (0.5 Fibonacci)
- Critical support at RM3.23 (0.618 Fibonacci)
2. Resistance:
- Immediate resistance at RM3.76
- Major resistance at RM4.08 (wave v target)
- Previous high around RM4.00
Financial Events:
- September 2024: MYR-14.633M (-152.96%)
- June 2024: MYR27.628M (+223.48%)
- March 2024: MYR-22.374M (-68.23%)
Trading Considerations:
- Wave iv correction appears nearly complete
- Volume profile supporting potential reversal
- Risk/reward favorable for long positions
- Stop loss could be placed below RM3.39