KLSE Stocks Review

UNISEM (5005) The Story behind the Chart of UNISEM (M) BERHAD

ChartStory72
Publish date: Tue, 03 Aug 2021, 07:41 PM
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Unisem 5005 
 
Overall the major trend is still in an uptrend. However, recently we start to see that there are lower lows. This indicates weakness of the uptrend, whereby a range is already happening and a potential downtrend may be coming soon. 
 
Fast forward yesterday, we see that prices rallied all the way up towards A Combo Fibonacci Resistance Triangle. Which is an area where all the math are aligned in this case. Prices proceeds to get rejected from that level with a long tail, which confirms the rejection and the respect the bankers gave to that Level. 
 
Prices should continue to head down lower, at least in the short term. However, if prices where to break above that Fibonacci  Level instead, then a continuation of uptrend will happen, which is less likely but possible. 
 
Industry: Semiconductors.
 
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