KLSE Stocks Review

SAUDEE (5157) The Story behind the Chart of SAUDEE GROUP BHD

ChartStory72
Publish date: Wed, 23 Jun 2021, 01:38 PM
ChartStory72
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Saudee 5157
 
Many might have thought that spiked up move is the start of an uptrend where their hopes and dreams were about to come true, but what they don't know is that the move was fake and many got trapped at the top. 
 
By using the Fibonacci Tools we can see the real move behind Saudee and the real move is that, the stock is still in a downtrend. What's worse? It's in a ranging downtrend, meaning the bankers are still secretly unloading even till today.
 
Today we see a strong buying power in the morning just to see price rejection at the 1.618 Fibo level in the afternoon. Prices must at least break the Fibo resistance level 0 in order for a small chance for an uptrend to come. Let's stay out for now. 
 
Industry: Food & Beverages.
 
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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