KLSE Stocks Review

REDTONE (0032) The Story behind the Chart of REDTONE INTERNATIONAL BERHAD

ChartStory72
Publish date: Mon, 01 Nov 2021, 11:51 AM
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Redtone 0032
Market Reviews
 
Overall prices are in an uptrend. We can easily notice that the prices are in a weak uptrend as the prices is trending below the balancer. Balancer has an important role which is determine the strength of the trend. 
 
The first support level is the pitchfork level 1. Prices manage to trend higher after it form a double bottom pattern at the pitchfork level 1. However, the movement is not strong enough to breakthrough the balancer. The good thing is prices manage to build up a second support at the pitchfork level 0.75. 
 
Prices manage to break above the balancer on the third retest. A successful backtest and closing above the balancer indicates that the breakout is valid. Last week, we can see that prices had failed to break above the Fibonacci resistance combo zone (FRCZ) but still trading in FRCZ. Time to observe.
 
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