From the Chart, noticed that price pattern is formed a rising wedge. With current outlook, the share is on down trend once broken the support line. From peak at RM1.60, it dropped 3 consecutive trading days to RM1.50.
Volume MA is reducing and showing the appetite of the buyer. RSI also showing a decline trend nearing 50%.
Based on ACCU/DIST, level is still OK. Not seen a obvious distribution going on.. Same goes to OBV.
Stochastic & CCI are showing a strong fall.. Currently 50% on stochastic, heading toward oversold. While CCI looking for -100..
On trending point of view, ADX not showing sign of uptrend even price move from RM1.38 to RM1.60. This definition of uptrend depends on individual. But to me, the ADX line is not move above 20. Yes, +DI is above -DI and it shown a up movement but not a trending, because the share move swing up n down..
Actually, to define trending not only on ADX, you can define it by MA, MACD and etc.. Many tools can we use to define trending.
I expecting the price to fall at least to the cloud support about RM1.44. It means got another 6cent to go down as current price is RM1.50.. Is it possible?
If the price drop more, with ACCU & OBV maintain, then i would say, once the price find bottom, it will go up again.
Support levels are RM1.48 & RM1.44..
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