Naked Chart Trading: PMETAL 7 Jun 2024

Long term trend showed a very healthy and steady bull trend, I can say PMETAL overall fundamental and technical health are still good despite the aluminum price often volatile. Short term trend on the other hand, indicated that the trend breakout from sideway, hit more than 1 year high and potentially retest RM7.20 level previous high too.

Based on Fibo analysis from Feb 2022 high to Sep 2022 low, its share prices are testing 61.8% RM5.90 level, close above this level to trigger more upside, with next resistance levels at RM6.50 and RM7.20. Support levels are RM5.70 (trigger double top bearish reversal signal), RM5.50 and RM5.10.

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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.