ECOWLD 8206

Normal TA VS Fibonacci TA

Normal TA

Let's do something different today as everyday you see post all about Fibonacci. Today I am going to do a comparison between Fibonnaci TA and Normal TA. To access the remaining post you can follow my Telegram Channel, it is all inside my Channel. Link is at the Bottom.

Overall prices are in an uptrend. Yet, we can observe a few interesting things from the uptrend.

First, we can notice that there is a critical resistance at price level RM0.705 that press down the prices. In facts, MACD indicator is also helping us by forming a death cross to indicate the bearish momentum. The good news is, there is a trendline supporting the prices and form higher high, and thus an ascending triangle. Ascending triangle is a good pre-breakout sign. On the end of August, prices manage to breakout from the critical resistance on the fourth retest.

Besides, we can observe that the trendline is become steeper after the breakout from the critical resistance, which indicates that the strength of the uptrend increases. Currently, prices face some selling pressure and form red candlestick on 2 consecutive trading days. However, there is still hope as prices are now supporting by moving average + support trendline.

Student Analysis