Stock code: 0128 Stock name: Frontken Corporation Bhd Screener: 18LC for 7 Feb 2019 (tradevsa.com) Observation date: 10 Feb 2019
Observation: a) Price & Volume: - Price: Mixed w/ wide spread on upbar. - Volume: High vol on upbar. b) Market Stage: - Price may be in 2nd round of Accumulation (S1). - This is after 27% markup from Support 1 within 2 weeks. c) Trend Line: - Price is currently moving within an Uptrend line with strong Sign of Strength (green arrow). - It's trading range is between 79.5sen (old Resistance turn Support 2) to 89sen (new Resistance level).
Remarks: There are 2 possibilities at this point of observation: a) Price will do a pullback before moving up. To see this, it needs to break the Resistance level. b) Price will move sideways (2nd round of S1) before continue its up move again.
Komen
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Observation date: 12 Feb 2019
Observation: a) Price has break Resistance and closed today on an upbar with high vol. b) Price may either continue its up move or retrace back to the old Resistance line.
Remarks: - The next few bars will be crucial to determine price direction. - We will do paper trading once we see an edge.
Komen
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Observation date: 19 Feb 2019
Observation: a) Price has moved above the Resistance now turn Support 3. b) We now see price is reaching the previous high @ 99.5sen which we shall now call Resistance 2. c) In order to move up further, price would need to either: - Break the Resistance 2 with high volume, OR - Make a pullback before going for the kill (or break).
Remarks: Based on the chart setup, we will be making partial entry based on my Trading Strategy below: