KLSE Stocks Review

SCOMNET (0001) The Story behind the Chart of SUPERCOMNET TECHNOLOGIES BHD

ChartStory72
Publish date: Thu, 10 Jun 2021, 11:59 AM
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Scomnet 0001 
 
After the major uptrend move, prices are now somewhat in a ranging downtrend. Higher highs could not be formed and the combined resistance of 4/1 + 8/1 is just too powerful for prices to Breakthrough at the moment.
 
However, notice a mildly strong rebound previously at the 0.382 level + 2/1 level. Prices are able to rally all the way up towards the Super Resistance Area. From that we know that, that Fibo level is an important level or where bankers would target for re-entries. 
 
Fast forward today, we see at the same Fibo level of 0.382 + 0.5 is being tested again. Since morning, a small doji is forming which indicates a small rebound is about to happen. However, take note that it will be just a small rebound and not some major uptrend move. In order for an uptrend confirmation, the Super Resistance Area will be the big boss that prices need to win and breakthrough. For now, a continuation of downtrend is expected. 
 
Industry: Healthcare 
 
In this fast-moving digital world, we get information in a few clicks. 
However, we rarely get first-hand information and more often we get misleading news.
Investing in stocks today is very different from the past, but one thing hasn't changed - to study about a stock before putting money in.
 
A stock chart contains data that is publicly available and accurate by itself. By having certainty in data quality, we can comfortably study charts and make investment judgements.
At Chart Story, we believe stock prices move for a reason. Our objective is to share what we believe.

 

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