KLSE Stocks Review

MPI (3867) The Story behind the Chart of MALAYSIAN PACIFIC INDUSTRIES BHD

ChartStory72
Publish date: Wed, 14 Jul 2021, 09:20 PM
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MPI 3867 
 
Overall prices are in a small range after the strong rally up since last year's march. One of the most important level is the 1/2 Angle. Why? Notice how that level had been used almost all the time? 
 
Previously, we can see that the 1/2 was being used as a critical resistance multiple times until finally prices break above that level and rally all the way up to the next angle, the 1/3 angle, which happen to be a distribution triangle. Prices quickly got rejected exactly at the triangle. Coincidence? 
 
Prices eventually got rejected all the way down back towards the good old familiar angle, the 1/2 angle and this time it is use as a support. Another coincidence? So easy to read what the MPI bankers are doing hehe.
 
Some minor profit taking can be seen from today's candle, while prices are testing the all time high level, if prices are able to break that level, a high chance that prices will continue uptrending. 
 
Industry: Semiconductors
 
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