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MY E.G. SERVICES BHDMM

MY E.G. SERVICES BHD

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MYEG trade ideas

MYEG - Analysis of potential market movement.N wave with E, V, N & NT projection. The price has broken above the Kumo, signaling a shift to bullish momentum. The Tenkan-sen and Kijun-sen lines are in a bullish crossover, supporting upward momentum. The Chikou Span is above the price, confirming the bullish sentiment. NT (0.905): This is the immediate support level, with the price sustaining above it after testing it during the correction phase. The Kumo thickness indicates support around the NT level (0.905), serving as a strong area for potential bounce back. Increasing volume during the breakout above the Kumo indicates strong buyer interest. Consider entering a long position near the current price of 0.945, preferably on a confirmed breakout above the N level (0.970) with a strong volume. Confirmation: Look for bullish price action (like a breakout candle) to confirm the entry, ideally watching for a close above the resistance level of 0.970. Set a stop-loss around 0.895, just below the NT level, to protect against downside risks and to account for normal volatility. Monitor overall market sentiment and any news related to MYEG or the Malaysian tech sector that could impact trading behavior. Volume analysis is crucial; increases in volume while approaching breakout levels will validate bullish sentiment. Keep track of potential volatility as the price approaches projected resistance levels, adjusting stop-loss orders to lock in profits upon favorable movement. Note: 1. Analysis for education purposes only. 2. Trade at your own risk.
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by mg6112
MYEG - Looking for strong bullish momentumThe price is above the Kumo, indicating a bullish bias. However, the recent candles show hesitation around the NT level (0.960). The Tenkan-Sen is slightly above the Kijun-Sen, signaling weak bullish momentum. A bullish crossover has occurred, but confirmation requires a strong close above NT. Chikou Span above the price candles, reinforcing bullish momentum. A clear distance from the price would strengthen the trend. NT (0.960): Acts as immediate resistance. Price is testing this level, and a breakout would confirm bullish continuation. Noticeable volume increases during bullish breakouts, indicating strong buying interest. A volume spike during an NT breakout would confirm a bullish rally. Entry: Breakout above 0.960 (NT level) with strong volume confirmation. Stop-Loss: Below Kijun-Sen (~0.930) or tighter at 0.940 depending on risk tolerance. Wait for a daily close above 0.960 with strong volume before entering long positions. Note: 1. Analysis for education purposes only. 2. Trade at your own risk.
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by mg6112
MYEG VCP (Huge Base)Happy New Year everyone. Just got back from year end vacation. Have been following MYEG since Nov 2021 (link below), pull back after attempt breakout. (50% of the time pull back will happened in stock market), our job is to monitor if the pull back is a healthy or unhealthy pull back. Seem like this round is natural reaction where pull back <10% range. Price stand firm back up MA50. Entire VCP form 4 contraction below: C1: -31% C2: -10% C3: -9% C4: -4% Awaiting strong demand come in and breakout again! Disclaimer: Not a buy call recommendation, technical analysis sharing based on chart pattern analysis. Trade at your own risk.
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by adamkhoosk
MYEG will be Sideways for a whileLooking at the chart for MY E.G. Services Berhad, here's my analysis: Current Price Action: - Trading at RM0.965, up 0.52% - Currently in a complex corrective pattern - Price consolidating above moving averages Elliott Wave Analysis: - Completed waves (i) through (iv) - Currently in wave (v) with ABC correction - Key levels: * Wave (a) support at RM0.930 * Wave (b) resistance at RM0.975 * Wave (c) target potential at RM0.940 Technical Levels: 1. Support: - Strong support at RM0.930 (0.382 Fibonacci) - Secondary support at RM0.870 (0.618 Fibonacci) - Moving average support around RM0.950 2. Resistance: - Immediate resistance at RM0.975 - Major resistance at RM1.00 (psychological level) - Previous wave high at RM0.990 Pattern Analysis: - Forming a complex correction pattern - Higher lows indicating underlying strength - Volume profile showing accumulation Trading Considerations: - Watch for break above RM0.975 for bullish confirmation - Stop loss could be placed below RM0.930 - Risk/reward favorable for long positions - Volume increasing on recent moves
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by pengamalgelombang
MYEG - BullishMYEG - Bullish Technically, this stock continues its bullish trend in 2024 from retracement in 2023 and came back to retracement and close at 0.915. Price remains in a bullish channel and stays above Kijun Sen level, which can be considered a healthy bullish trend at this moment. Fundamentally, based on recent reports: - Innovative Services and Blockchain Adoption: MYEG expects to continue introducing innovative services by leveraging new technologies, specifically blockchain or Web 3.0. This forward-thinking approach aims to drive organic growth for the current financial year. In the second quarter of 2024, MYEG’s net profit surged to RM165.42 million, up from RM111.56 million in the previous corresponding period. Revenue also grew significantly to RM242.28 million from RM184.88 million a year earlier. Contributions from services provided by MYEG’s Zetrix blockchain platform, such as ZCert and Digital ID registration and transactions, played a significant role in this growth. Additionally, the sale of Zetrix tokens further boosted their financial performance. Contract Extension with JPJ: The Road Transport Department (JPJ) extended the service contracts of MYEG and its wholly-owned unit, MY EG Sdn Bhd (MYEGSB), for three years. These extended contracts will run from May 23, 2023, to May 22, 2026. Historical Context: MYEG, originally MY E.G. Services Sdn Bhd, changed its status to a public limited company and assumed its present name, MY E.G. Services Berhad, in conjunction with its listing on the MESDAQ Market. Later, in 2009, it successfully completed its transfer listing to the Main Board of Bursa Malaysia Securities Berhad. MYEG’s commitment to innovation, blockchain adoption, and sustained financial growth positions it as a dynamic player in the Malaysian business landscape. Keep an eye on their developments.
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by AdamIdris2
An Uptrend Pattern!The candlestick pattern indicates an uptrend pattern backed by the MACD indicators which indicate a divergence signal without volume supports the price momentum. RSI indicator shows continuous buying pressure due to fresh buying interest from the trader. The price Point of Control (PoC) is 0.860 is the same as the last closed price. Yet, the closed price is above the VWAP line hence indicating buying interest from the trader. Let's save MYEG in WL and watch out for significant price movement backed by volume towards the next price resistance. R 0.875 S 0.835
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by eskopitehmilo
MYEG - Formation of bullish butterfly pattern?Price is currently at demand area and formed potential rejection on 26/07/2022. Could this demand area and harmonic bullish butterfly pattern indicates potential reversal for MYEG? Potential entry: 1) RM0.74 / RM0.745 2) RM0.675 - RM0.685 Resistance: RM0.805 / RM0.835 Support: RM0.74 / RM0.675 Disclaimer: This trading idea is for education purpose only. This is not a buy call nor a stock recommendation. Please trade at your own responsibility.
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by ringgitlab
A Divergence Signal!The candlestick indicates a divergence signal where the price toward the MA20 line with high volume confirms the trend. The RSI indicates a positive momentum toward indexes 50 with a high gain during the previous trade. OBV and MACD indicate a divergence signal hence confirming the price uptrend toward the MA20 line. To place a bid, use VWAP as a guideline then place your bid below VWAP line. Let save MYEG in WL and watch out for significant price movement which high probability MYEG price closed above the MA20 line. R 0.805 S 0.740
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by eskopitehmilo
MYEG IN EW ABC CORRECTIVE ZONE IN DAILY AND FIBO50 IN WEEKLYOne can consider to take a long position on MYEG where it is spotted rebounding from 52-week low in EW ABC corrective zone where it has completed the 5 sequence. if seen in weekly chart, the said rebound is actually at fibo50, where the last candle is a hammer, further indicating a high reversal potential. Retracement EP shall be at 0760, which is fibo618 in 15-minute time-frame. TP at any fibo levels in daily chart and CL below 0730 which is the 52-week low.
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by nOtOcOndO