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Author: Gerald Koh   |   Latest post: Sun, 2 Jun 2019, 9:45 AM

 

Carimin (5257) Forms An Ascending Triangle with Three Upthrusts

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After breaking the RM0.65 resistance, the stock rallied to RM0.95. Here, the demand exhausted and the stock reversed to RM0.705. On 1st March, demands seems to return and the stock rallied to RM0.875 with high volume. After the retest, the stock further the rally to RM0.937. The upthrust bar with high volume indicated supply at the price above RM0.95. The lack of demand to overcome the supply led the stock to test the trendline and forms an ascending triangle. Similar to the descending triangle, the ascending triangle possesses ambiguity meaning.

Three upthrusts were formed.

On 9th and 11th April, the two false breakouts formed upthrusts and it confirmed the supply at the price above RM0.95. Presently the stock closed slightly above the trend line with a potential 6% gain; cut lost below RM0.885. 

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Labels: CARIMIN

Related Stocks

Chart Stock Name Last Change Volume 
CARIMIN 0.755 +0.01 (1.34%) 1,561,300 

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