MASTEEL buy signal based on MRV1 setup on 4 Jan 24 at RM0.345
This is a repeated signal that was triggered multiple times, but the focus is on the one that happened on 14 Dec 2023 at the closing price of RM0.335.
The support area could be established at the equilibrium support area of RM0.300, which is also suggested as the stop loss to maintain a minimum risk of 10% based on the price.
The target price is somewhere between RM0.405 and RM0.410 with a 1:2 risk/reward ratio, aligning with the equilibrium resistance price area. Adjust the risk/reward ratio to 1:1.5 or 1:1 based on preference.
The expected holding period is about 2-3 months since the signal comes from the daily chart.
Pattern-wise, it’s still trying to break above the ascending triangle pattern, which was broken multiple times, just not closed above the triangle resistance. A momentum reading appeared as confirmation for the pattern play.
This information is for discussion purposes only and is not a buy/sell call.
