KLSE Stocks Review

QES (0196) The Story behind the Chart of QES GROUP BHD

ChartStory72
Publish date: Fri, 02 Jul 2021, 12:36 PM
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Qes 0196 
 
Overall prices are in a strong uptrend. Previously we see that prices found support at the Pitchfork Fibo Support Level 1.5, which combo with the Gann Fan Support Angle as well. With this information given, we now know that prices respects the Pitchfork Levels. 
 
Fast Forward to last week we can see that prices got rejected at the Golden Ratio Level 1.618, which lasted for a few days. Today we see that prices are retesting the Golden Ratio Level and trying to penetrate into the Level 1 Distribution Triangle. 
 
The Level 1 Distribution Triangle is an area where the bankers love to take their profits, either to have more income to push higher in the future or just be happy with the current profits. We need to be aware of where the bankers will take their profits so that we can follow and take profits as well. 
 
Let's observe and see what happens next.
 
Industry: Industrial Materials, Components & Equipment.
 
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