KLSE Stocks Review

ANNJOO (6556) The Story behind the Chart of ANN JOO RESOURCES BHD

ChartStory72
Publish date: Mon, 17 Jan 2022, 12:59 PM
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Annjoo 6556
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Overall prices are in a rangy downtrend. As we can see from the chart, prices formed a Double Fibonacci Resistance last September and immediately formed a Double Top at October. This is a clear sign that the bankers are using that Resistance Level. Since then, the prices surged down strongly. 
 
The first support level is at the Balancer. However, prices did not manage to sustain above the balancer and proceed to drop all the way towards the Last Line of Defence. Fortunately, prices manage to rebound off the Last Line of Defence. Prices manage to trend higher and currently backtesting the pitchfork level 0.5. If the uptrend is genuine then prices should re-test the Balancer Resistance next.
 
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