The stockrebounded from a double bottomaround RM 1.15, confirming abullish reversalafter breaking above theneckline at RM 1.20. However, the price encounteredresistance near RM 1.30and is now in a pullback phase.
Technical Analysis
1.Fibonacci Retracement Support: The price haspulled back to the 50% Fibonacci retracement level, a key support zone where buying interest typically re-emerges.
2.Double Bottom Confirmation: The break above theneckline at RM 1.20validated thedouble bottompattern. As long as the price stays above this level, the uptrend remains intact.
3.Resistance and Target: The next majorresistance is RM 1.30, followed by thetarget price of RM 1.50, aligning with the pattern’s projected move.
Trading Plan
–Entry Area: RM 1.20 (near Fibonacci and neckline support)
–Target Price: RM 1.50 (based on price projection from the major resistance)
–Cut Loss Level: RM 1.14 (if the stock closes below this level, invalidating the double bottom pattern)
–Risk-to-Reward Ratio: 5:1
Summary
This setup leverages thedouble bottom breakoutandFibonacci supportfor a potentialupside target of RM 1.50, while maintaining atight stop-lossat RM 1.14 forrisk management.
Disclaimer: This is not financial advice. Conduct your own research before making investment decisions.
105341163 : i noticed epf keep acquired this counter. hmmm