KLSE Technical Analysis
Nov 23rd : Morning Session Vivocom closed $1.74 with volume 17.5M.
An upbeat yet lacklustre trading session this morning with Vivocom opening 5 pips Gap Up at RM1.79 n then settling into a consolidated phase in the price range $1.72/1.76.
Here are my observations for the morning session:-
Decoding TAchart(picture 1)
1.Vivocom opened with an impressive 5 pips Gap Up. The gap up was fulfilled after 20min trading, with traders/investors rushing to buy when price retested at support zone 1.68-1.74 and it had been tested twice with a strong rebound and formed a hammer in the 15 min chart than followed by sideways trading, above support zone.
2. In non technical language, this means trader/investors were redefining & resetting market expectation on Vivocom’s baseline price to $1.70. A most acceptable & in fact a healthy price at this level for regrouping n consolidation before relaunching a new high.
By this week or next week, I am quietly confident that a new price baseline will be formed and attempt to scale higher and above $2.00, based on my EW reading.
EW Trading Methodology(Picture 2),
1. wave 4 correction had developed within my expectation, the price correction has stopped at the wave 4 correction zone and also is presently strongly affixed at support zone($1.68-$1.74).
2. I am anticipating Vivocom to enter in to sideways to upswing bias trades in next couple of trading sessions, before developing and forming an extended wave 5 structure.
3. My wave 3/5 remains intact which is $2.40/$2.70 after crossing $2.05 and it could extend higher than existing target ! It depend on the extended wave 5 structure developing.
In short, Vivocom uptrend is still bullish n constructive. In fact, it is quietly/confidently regrouping & consolidating before charting new highs with more conviction n determination.
Vivocom is without doubt a formidable SuperBull raring to charge higher again beyond RM2.05/2.35 price levels.
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Callmejholow
so far so good. RM2 is visible soon!
2020-11-23 14:04