KLSE Technical Analysis
Tek Seng : New High is on the way of Making !!! It moving to target of $0.800/0.850/$1.15.
Executive summary
Two consecutive wave 3 is pointing to up and moving to target of $0.800/0.850/$1.15. this is bullish indication base Elliot wave theory, Wave 3 is longer and stronger wave. I do anticipate will test recent high $0.715 with wave 3 target of $0.800. likely the resistance of $0.715 may break and new high will be make, the price mostly will accelerated as no over hanged to clear. it will have less resistance to move the stock to higher.
My trading Plan
I Bought in it's Son (Warrant A) instead of mother, because of it have more upside to growth! WA conversion price is $0.25, so if mom was close on Friday is $0.66, logically the WA should be $0.41 vs closing of $0.355. I am anticipate the move of the mothers will test $0.700/$0.800/$0.850, so the Warrant should close gap and move to $0.450/$0.500/???
I will Stop loss WA if mother share close below $0.600
Technical Justification
Weekly chart: is formation ABC/123, it is consider as wave 2 retracement/correction end and wave 3 up is on the way of develop, once new high us maked and the wave 3 is comfirm the target base on fibo is 100% and 161.8% extension which will heading to $0.850/$1.15.
Daily Chart : Very strong wave 3 was formed and reach target of $0.560/$0.640, last friday some profit locking on $0.640 and all the seller was ease off and now should moving to $0.775/$0.800, which is wave 3 target.
Support and Resistance
Immediate resistance is $0.700
Immediate Suport is $0.675$0.600/$0.575
Trading Challenge
Many people committed to buy stock is very easy, when come to profit taking and cut loss is one of the most difficult part in trading world, talking about profit taking is dealing with greed and stop loss is dealing with fear, cutting loss is a must in trading world because it stopping my capital continue to loss, in order to stay alive in trading world... it is a must !!! it is not an option, else I suggest you get out of the trading and you are not suitable.
I wanted to used simple example to share on the cut loss ... you bought an egg and prepare to used it for fry rice, some how you notice/suspect the eggs you pick was/may turn bad.... the question now is shall out throw/scrap the bad one and pick another .... or nevermind bet or hope the suspicious "bad" egg will be good and risk the good rice which is ready to cook ? you make the call... I am believed in order to win I got to know how to prevent I am loss in the market... if I notice I am wrong... I got to admit and cut the loss and make a next move.
As a reminder for myself
I am always remind myself If the trend is go again me and violated my SL limit, I will cut loss base on the risk preference.
Stop Loss is painful process because I making loss, but it is necessary to take it, it is very important because it protect my capital to ensure I am stay in the market.
DISCLAIMER:
Stock analysis and comments presented on klseelwavetrading.blogspot.com are solely for education purpose only. They do not represent the opinions of klseelwavetrading.blogspot.com on whether to buy, sell or hold shares of a particular stock.
Investors should be cautious about any and all stock recommendations and should consider the source of any advice on stock selection. Various factors, including personal or corporate ownership, may influence or factor into an expert's stock analysis or opinion.
All investors are advised to conduct their own independent research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is no guarantee of future price appreciation.
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2015-11-09 12:29