Simple13 Trading IdeaAfter 76 days of consolidation between RM 4.90 and RM 5.60, this stock has finally broken out with high volume following its recent quarterly earnings report. While the report itself was not particularly impressive, the stock price has surged, suggesting that investors might be betting on improved performance in the next quarter.
Trading Plan
Entry Area: RM 5.77 to RM 5.40
Consider accumulating in this range, as it aligns with a favorable risk-to-reward setup.
Take Profit Area: RM 5.77 to RM 7.30
This range offers a potential upside; gradual profit-taking is suggested if the price reaches this area.
Cut-Loss Level: Below RM 5.40
If the price drops below RM 5.40 and potentially breaks under the 20 EMA, consider a cut-loss to limit risk, as the pullback may extend further than anticipated.
Summary
This breakout suggests a potential rally, but since recent earnings weren’t a strong driver, the price movement may hinge on expectations of future improvement. Managing risk with a defined entry, profit, and exit strategy is crucial.
Disclaimer:
This is for informational purposes only and not a recommendation to buy or sell. Please conduct your own research and assess your risk tolerance before investing.
MYX:PIE
