KLSE Technical Analysis
Nov 18th : Market Report on Vivocom. Close $1.86 with volume 33.4m.
Even though it was a rather subdued trading day for Vivocom’s shares today, it did end the day with a rather solid and impressive closing towards the last 25 minutes, closing at RM1.86 with conviction.
I strongly believe the stage is being set for an all out Bull Attack Breakout tomorrow.
Here are my observations:-
1) Vivocom had been in consolidation mode for 3 trading sessions in a row, swinging within the price range from $1.73 to $1.88, which has been earmarked as 16 days AVT(15).
2) PVA is most constructive as the last 45 min trading frequency, price and volume actions had triggered my persistent algo buy signal !
3) Past history had shown that any stock meeting my algo buy signal criteria, 75% of the time it is a bullish sign that the share price will move up 1.0 -1.5x of 16 days AVT.
4) In other words, the Algo prediction is that Vivocom’s price will likely soar up to $2.02 to $2.10 the following trading day/s ( *base on best results).
5) In Chart pattern trading methodology( Picture 1)
a. Pennants formations have taken shape on 30 min chart, a strong & clear signal of continuation patterns, where a period of consolidation with lower volume, such as today last 60 min before market close, it is a prelude that a bullish breakout is imminent, as indicated by the formation with optimum volume.
b. The target projection after the breakout away from the resistance ceiling at $1.84 is :
1st TP:$1.84+$0.55= $2.39
(Immediate Flag Pole)
2nd TP:$1.84+1.07= $2.91.
(Extended Flag Pole)
6) In Elliot wave trading methodology (Picture 2)
a. 2 consecutive waves 3 had emerged and served to confirm right after break-away from $1.89 to end the consolidation phase and to resume the impulse wave rally.
b. With 4 consecutive waves pointing up, this will form extended wave 3/3/5/3 to target $2.20/$2.37/$2.45/$2.70.
Tomorrow is going to be an exhilarating day indeed for Vivocom with its Super Bull charge breaking away upwards sharply towards a higher price level at :-$2.02/2.10/2.20 or $2.45/2.70/2.91.
May the trading force and wings be with you to lift you higher into the sky and soar like a magnificent eagle would gracefully and with finesse.
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More articles on KLSE Technical Analysis
Nov 20th : Market Report on Vivocom. Close $1.74 with volume 68.24m.
Created by mwong3 | Nov 21, 2020
Nov 18th :Morning Session Vivocom cosed $1.83 with volume of 23.1M.
Created by mwong3 | Nov 18, 2020
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