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Simple13 Trading Idea

Simple13 Trading Idea
Current Price: RM 1.23
The stock rebounded from a double bottom around RM 1.15, confirming a bullish reversal after breaking above the neckline at RM 1.20. However, the price encountered resistance near RM 1.30 and is now in a pullback phase.
Technical Analysis
1. Fibonacci Retracement Support:
The price has pulled back to the 50% Fibonacci retracement level, a key support zone where buying interest typically re-emerges.
2. Double Bottom Confirmation:
The break above the neckline at RM 1.20 validated the double bottom pattern. As long as the price stays above this level, the uptrend remains intact.
3. Resistance and Target:
The next major resistance is RM 1.30, followed by the target 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 the double bottom breakout and Fibonacci support for a potential upside target of RM 1.50, while maintaining a tight stop-loss at RM 1.14 for risk management.
Disclaimer: This is not financial advice. Conduct your own research before making investment decisions.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
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