FRONTKN

Sector: Technology/ Semiconductor

Analyzed on 29/09/2021

If you have read this week’s news, probably you are aware of the yield spike in US and China electricity limitation that spooked some traders/ investors to take profit off the market due to the increasing economy uncertainty. Last week we saw the Semiconductor had a great run, but a strong retracement took place early this week. Frontkn is among one of the bullish ones, which rallied 50% to its peak since May 2021. However, as the Market is always a game of probability than a game of certainty, no one can accurately predict the market. Hence, we need to identify suitable support levels to help us plan our investment or trade.

There are many methods to determine support levels, the most common ones are previous highs, previous lows and EMA25/50 moving averages. Besides those, we may also use Fibonacci Retracement (FR) to gauge the Supports at 38.2%, 50% and 61.8% retracement level. Based on the FR indicator, we can see that RM3.46 serves as the first level of Support, followed by RM3.3 and RM3.14. Traders can utilize those levels wisely to protect profit or time their entry.

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