KLSE Stocks Review

TEXCYCL (0089) The Story behind the Chart of TEX CYCLE TECHNOLOGY (M) BERHAD

ChartStory72
Publish date: Mon, 10 Jan 2022, 12:31 PM
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Texcycl 0089 
Market Review Series 
 
Overall prices are on a sideway trend. Yet, there are some information that we can decipher from the bankers.
 
First, we can see that prices got rejected multiple times in the Fibonacci Resistance Zone. The multiple rejection in the zone indicating that bankers are now allowing prices to trend higher. Prices will always form a red candle after reaching the zone. 
 
The other Critical zone which we should pay attention to is the Critical Fibonacci Support Zone where prices hover around for a few weeks after a surge down previously follow up by a strong upward momentum later.
 
Last Friday, prices had formed a big red candle with high volume sell down. This indicates bearish momentum signalling  that perhaps the show is over. 
 
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In this fast-moving digital world, we get information in a few clicks. 
However, we rarely get first-hand information and more often we get misleading news.
Investing in stocks today is very different from the past, but one thing hasn't changed - to study about a stock before putting money in.
 
A stock chart contains data that is publicly available and accurate by itself. By having certainty in data quality, we can comfortably study charts and make investment judgements.
At Chart Story, we believe stock prices move for a reason. Our objective is to share what we believe.

 

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