Naked Chart Trading: VSTECS 14 May 2024

This catalyst served as main driver of VSTECS's rally last week but profit taking activities quickly took place after this. The share prices retreated from RM3.88 and now trading between RM3.30-RM3.60

VSTECS had been in a steady bullish momentum, with strong spike seen started beginning of this year, followed by the strongest weekly gains of more than 30% last week. However, there is a bearish top reversal pattern which may lead the prices into short term correction.

I drawed a Fibo retracement level from Apr 2024 low to last week high, currently the price is testing 23.6% to 38.2% RM3.30-RM3.60 level. Next support levels are located at 50% RM3.10 and 61.8% RM2.90, with key support at RM2.30. Resistance level will be at RM3.90-RM4.00 which is previous high 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.