ZECON BHDZECON BHD
Trend: The stock is in a strong uptrend since May 2024. The price has been making higher highs and higher lows, indicating bullish momentum.
Price Action: Recent price action shows a pullback from the peak around 0.570. The current price (0.535) suggests a potential consolidation or minor correction within the larger uptrend.
Moving Averages: The price is trading above both the short-term (likely 20-day) and long-term (likely 50-day or 200-day) moving averages, which is bullish. The moving averages are also sloping upwards, confirming the uptrend.
Support and Resistance: Immediate support appears to be around 0.520-0.530 level. The recent high of about 0.570 serves as the nearest resistance.
Volume: There are some volume spikes visible, particularly during the strong upward moves, indicating buyer interest.
Volatility: The stock has shown increased volatility since May, with larger price swings compared to earlier periods.
Candlestick Patterns: Recent candles show some indecision with both upper and lower wicks, suggesting a potential consolidation phase.
Overall Outlook: The technical picture remains bullish overall due to the strong uptrend and price above moving averages. However, the recent pullback suggests caution and the possibility of a short-term consolidation or correction before potentially resuming the uptrend.
ZECON trade ideas
Chart Pattern for ZECONHigh volume in during last week's trading indicating increasing interest in the stock, thus pushing the price up from opening price of RM0.375 to highest of RM0.670
We expect the price to do a retracement to at least RM0.520
If the closing price of subsequent trading days maintain at least RM0.520, we may see recollection of interest in the stock and I would target the price to reach highest of RM0.810.
Please bear in mind, entry at point showing increased buying pressure and with volume of higher than average.
Please also bear in mind to always know your own trading risks tolerance and ability. Trade with care.
Support: RM0.520
Target Price: 1-RM0.670 2-RM0.810
<TadeVSA> Zecon at Support?Strength in the chart:
1. Mark-up stage
2. Support at previous gap
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Disclaimer
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock