Is JFTECH Poised for a Reversal with Its Current Rounded Bottom Pattern?
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The stock chart for JFTECH shows a pattern that resembles a “Rounded Bottom” or “Saucer Bottom”, which is a reversal pattern typically seen in long-term reversal scenarios but can appear in shorter time frames as shown here. This pattern is characterized by a gradual shift from a downtrend to an uptrend, forming a rounded valley or bowl-like shape.
In this specific chart, after a prolonged downtrend that bottoms in February 2024, the price begins to recover, forming the rounded bottom shape that extends into March 2024. The recovery in price is confirmed by the stock crossing above its moving averages, particularly the EMA10 and EMA20, which now serve as support levels. Additionally, the increase in trading volume during the recovery phase supports the validity of this reversal pattern, suggesting increasing interest and bullish sentiment from traders.
Key points to consider:
• Rounded Bottom Confirmation: The rise above the shorter moving averages and the pattern’s overall shape suggest a potential reversal of the prior downtrend.
• Resistance Levels: The resistance at approximately 0.940 and 0.960 will be crucial for the stock to breach to confirm a full trend reversal and potentially move higher.
• Support Levels: Support around the 0.840 level, if maintained, will reinforce the strength of the recovery, with further support potentially at lower previous resistance points.
This chart pattern, combined with supporting volume, may indicate a potential for continued upward movement if JFTECH can sustain momentum and break through established resistance levels.
In this specific chart, after a prolonged downtrend that bottoms in February 2024, the price begins to recover, forming the rounded bottom shape that extends into March 2024. The recovery in price is confirmed by the stock crossing above its moving averages, particularly the EMA10 and EMA20, which now serve as support levels. Additionally, the increase in trading volume during the recovery phase supports the validity of this reversal pattern, suggesting increasing interest and bullish sentiment from traders.
Key points to consider:
• Rounded Bottom Confirmation: The rise above the shorter moving averages and the pattern’s overall shape suggest a potential reversal of the prior downtrend.
• Resistance Levels: The resistance at approximately 0.940 and 0.960 will be crucial for the stock to breach to confirm a full trend reversal and potentially move higher.
• Support Levels: Support around the 0.840 level, if maintained, will reinforce the strength of the recovery, with further support potentially at lower previous resistance points.
This chart pattern, combined with supporting volume, may indicate a potential for continued upward movement if JFTECH can sustain momentum and break through established resistance levels.
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The Thinker OP : $JFTECH.MY$![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")