Naked Chart Trading: PMETAL 4 Jun 2024

PMETAL's prices had been traded in a sideway to lower trend in year 2023, till its strong rebound since Apr 2024. The price rose on last Friday to their highest in two years, after the company's first-quarter results beat analysts' and consensus estimates.

However, PMETAL erased its gains on last Friday and retest its high RM5.85 again. Any close above this level likely to trigger another bullish momentum.

Based on Fibo analysis (Feb 2022 high to Sep 2022 low) of latest major correction trend, PEMTAL is testing 61.8% around RM5.90 now, followed by next resistance RM6.10, RM6.50 and RM7.20 level. Support levels are 50% Fibo RM5.50, 38.2% RM5.10 and 23.6% RM4.40.

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.