Naked Chart Trading: Malaysia Semiconductor Sector & INARI 0166 12 Apr 2024

Semiconductor sector reach its peak during Covid recovery and tested a double bottom bullish reversal pattern back in year 2022. The trend later moving into triangle pattern consolidation mode, no more lower lows but lack of strength to break higher. I would say the buying power still support the market by higher lows, require some catalyst to break through resistance.

Based on Fibo retracement, the index is testing 61.8%, so immediate resistance can be seen at Jul 2023 high, any close above that level will trigger further upside to 38.2% which is Oct 2022 high

Immediate support located at Nov 2023 low

Further zoom into INARI's weekly chart, the leading component stock of Malaysia semiconductor sector:

Speaking of waves, I noticed a tripple bottom alike bullish reversal pattern formed in year 2022 & 2023, confirmed the signal during Jul 2023 and continue to mark higher high and low, signaled a high potential to retest previous high at around RM4 level if there is no lower high and low wave

Apply together with Fibo retracement, draw from bottom during Covid and top at Nov 2021, it shows that currently the price is testing 23.6%, will lead to RM4 if able to sustain above RM3.30 in near term. Following support level at Dec 2023 low which is also 38.2% around RM2.70, then 50% around RM2.30 and 61.8% around RM2. Both 50% and 61.8% located around tripple bottom low level

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.