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MELEWAR INDUSTRIAL GROUP BHDMELEWAR INDUSTRIAL GROUP BHDMELEWAR INDUSTRIAL GROUP BHD

MELEWAR INDUSTRIAL GROUP BHD

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MELEWAR trade ideas

Melewar is Showing Upward BiasMelewar is related to steel manufacturing holding company. Steel / metal price had been down lately due to China Economy Restriction (zero covid policy). As recently the Dollar index is down and China is easing their economy restiction, steel or metal is among the sector which should benefit from it. Looking at the chart, there had been buying activities recently in steel counters. Melewar is showing that Flag Pattern might playout in near future. We can see from 11 Nov to 21 Nov there had been massive buying activities which had lead to a very convincing upward move. Then we can see it is consolidate to today in a flag pattern. Tailwinds: China opening economic activities. Headwinds: Recession fears as Fed Reserve is doing Monetary Thightening to battle inflation. The consolidation is nearing its end, 1) If buyers dont step in, then sellers will take charge. Thus, the next Support will be at 0.260. 2) If it could make a breakout, then the next resistance is at 0.320 followed by 0.375. Disclaimer: This is not a Buy / Sell call. This material is for learning purposes only. Trade at your own risk.
MYX:MELEWARLong
by K_S_AbdHamid
2
A Breakout Signal!The price trendline indicates a price breakout signal due to significate price movement with volume above the MA20 line. The MA20 line cross over the MA50 line, hence, indicating a strong uptrend price momentum to the next price resistance. The RSI indexes momentum towards the next indexes peak; indexes 70. This confirms the significate price momentum. MACD and OBV indicate a divergence signal. Thus, confirming the price movement and RSI indexes. Precaution for price correction between 10% - 20% from the recent peak before the price continues t the next price resistance. Let's save MELEWAR in WL and watch out for price movement towards the next price resistance with volume. R 0.450 S 0.385
MYX:MELEWARLong
by eskopitehmilo
MELEWAR 3778 Trend Breakout The study...is based upon Volume Price Spread Analysis and Momentum Melewar has shown both Trend Breakout with Momentum Close: 0.60 EP: 0.62< SL: 0.52/0.47 TP: 0.69/ 0.77/0.81/open *The last 2 Quarters the Company had shown consecutive increment in both Revenue and Net Profit. The current NTA stands at 0.96 which is more than 30% discount. Disclaimer: This study does not constitutes Buy/Sell per say. Please consult your financial advisor before making any trading/investing decision
MYX:MELEWARLong
by ravih1962
MELEWAR : The rally continues (Medium term - Wave analysis)A lot of steel names were seen rallying strongly today and managed to hold their gains up to weekly close. One particular steel stock that caught our eyes is MYX:MELEWAR . After making explosive gains at the end of Dec 2020, the stock has been consolidating for 16 weeks in a contracting triangle corrective pattern of wave (iv) as labelled on the chart. Today we saw a strong breakout from the descending trendline of the triangle with huge volume signaling the start of wave (v) of a larger degree wave iii. Based on our wave analysis, we are bullish on MYX:MELEWAR and in the verdict that the stock could potentially move higher towards RM1.15. The next resistance is where wave (iii) has terminated which is RM0.620 and nearest support at RM0.540.
MYX:MELEWARLong
by afiz_285
2