KLSE Stocks Review

KNM (7164) The Story behind the Chart of KNM GROUP BHD

ChartStory72
Publish date: Tue, 28 Sep 2021, 10:24 AM
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KNM 7164
Market Review (Student)
 
Overall prices are in uptrend, however, prices got rejected strongly at the Critical Fibonacci Resistance. Which is a combination of Fibonacci Resistance lvl 1 + Golden Ratio Resistance x2. The Combo of the Fibonacci levels causes prices to go down immediately due to the strength of the Resistance Levels. At the same time there were high outflow of monies as well, which explains that the bankers were distributing at the peak. 
 
After the massive spike on the 6th Sept, prices had drop to the previous resistance, which is the Golden Ratio Level. Prices fail to close above the Golden Ratio which indicates that the bankers are currently not planning to push the prices back up in the short-term.
 
The next best possible rebound area will be the Mini Fibonacci Support Area Triangle. If there are some sort if rebounding candlestick signal in the future, a possible small uptrend may appear.
 
*This analysis is done by my student and I am proud to show how well Fibonacci improve lives*
 
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