Naked Chart Trading: VS 25 Jun 2024

VS's share prices had been rallied for more than 80% of gains since its low in around Feb 2024 of RM0.705. The prices further break out RM1.07 and formed a double bottom bullish chart pattern. In my opinion, the momentum is still consider healthy and reasonable to have an overbought correction now. The question being, where will be its potential rebound level?

Long term trend: Sideway to higher, on its path to retest above RM1.60 level

Short term trend: Bullish with higher highs and lows, but watch out for overbought correction

Fibo Analysis (Jan 2024 low to yesterday high): Weekly Fibo analysis showed that the price experienced some weakness at 31.8%

Resistance: RM1.30, RM1.60

Support: RM1.10, RM1, RM0.940

It is still early to tell whether it is a major reversal now, continue monitoring for lower high & low wave.

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.