seems like a reversal to happen
Looking at the chart for Microlink Solutions Berhad, here's my analysis:
Current Price Action:
- Trading at RM0.240, up 11.63%
- Recently broken above downtrend resistance
- Showing signs of trend reversal after extended decline
Technical Analysis:
1. Moving Averages:
- Price crossed above all major moving averages
- Moving averages beginning to turn upward
- Golden cross formation developing (short-term MA crossing above long-term MA)
2. Support/Resistance Levels:
- Immediate support at RM0.220 (recent breakout level)
- Next resistance around RM0.280 (previous support turned resistance)
- Major support at RM0.120 (recent low)
Volume Analysis:
- Notable increase in volume supporting the reversal
- September 2024: MYR3.033M (+172.03%)
- Green volume bars indicating strong buying pressure
Key Events and Figures:
- MYR-81.114M (-51561.98%) in September 2024
- June 2024: MYR-4.94M (-81.24%)
- Recent volume spike suggesting institutional interest
Trading Considerations:
- Breakout from downtrend suggests potential trend reversal
- Stop loss could be placed below RM0.200
- Initial target at previous resistance RM0.280
- Risk management crucial given historical volatility
Looking at the chart for Microlink Solutions Berhad, here's my analysis:
Current Price Action:
- Trading at RM0.240, up 11.63%
- Recently broken above downtrend resistance
- Showing signs of trend reversal after extended decline
Technical Analysis:
1. Moving Averages:
- Price crossed above all major moving averages
- Moving averages beginning to turn upward
- Golden cross formation developing (short-term MA crossing above long-term MA)
2. Support/Resistance Levels:
- Immediate support at RM0.220 (recent breakout level)
- Next resistance around RM0.280 (previous support turned resistance)
- Major support at RM0.120 (recent low)
Volume Analysis:
- Notable increase in volume supporting the reversal
- September 2024: MYR3.033M (+172.03%)
- Green volume bars indicating strong buying pressure
Key Events and Figures:
- MYR-81.114M (-51561.98%) in September 2024
- June 2024: MYR-4.94M (-81.24%)
- Recent volume spike suggesting institutional interest
Trading Considerations:
- Breakout from downtrend suggests potential trend reversal
- Stop loss could be placed below RM0.200
- Initial target at previous resistance RM0.280
- Risk management crucial given historical volatility
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.