KLSE Technical Analysis

Bornoil(7036.KL); Time to Takeoff to RM1:20/1:31/1:45/1:65 ?

mwong3
Publish date: Sun, 08 Feb 2015, 02:59 AM

Weekly chart

Figure 1 weekly chart and is forming Double Zig Zag C, this pattern has been defined as a sharp corrective pattern, which is 2 Zigzags are connected by X wave, which does not more than 61% of wave A,B and C combined, it is common corrective pattern, it look very much like impulse wave

 

Weekly Chart Wave Target

1.) Target for Wave Y is Rm 1.65

2.) Target for Wave C is Rm 1.15

3.) Target for Wac C is Rm 1.10

4.) Target for wave c is Rm 1.10

 

Weekly chart figure 2 is showed two important point, 

1st key point is rectangle box is indicated stock under consolidation/accumulation, after that it have a great move up.

2nd key point is the ascending triangle formation, it is typical consolidation formation. it will have great move up right after the consolidation ended.

 

My Trade Plan

I am anticipate it will breakaway from RM 0.960 and heading to Psychology resistance of Rm1:00, if prices stay above RM 1:00 it will heading to RM1:20/1:31/1:45/1:65 


My profit target near the resistance level which is RM1:20/1:31/1:45/1:65 

Any weakness will provide opportunity to collect in near the support area at RM0.915-0.935

I will cut my position if Rm 0.865 break 

After Target hit, I will apply trailing stop to protect my profit and capital

More detail and complete Analysis pls refer to 

KLSE TECHNICAL ANALYSIS

Or 

KLSE TA FacebookLink

Discussions
1 person likes this. Showing 3 of 3 comments

ykinvestor

looks like the Bornoil-WB warrant a much better buy

2015-02-09 12:27

mwong3

Born oil will go 1.20

2015-02-09 22:56

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