Nott Invest

DAYANG attempting a trend reversal

Publish date: Mon, 24 Jan 2022, 08:11 AM
Nott Invest Analyses


Sector: Oil & Gas Services

Analyzed on 23/01/2022

DAYANG has been on an obvious downtrend since early 2020. Recently with the Brent Oil price climbing to $88/bbl, the market sentiment for oil and gas counters seem to have reignited. As one can observe, although DAYANG has climbed above its EMA25/50 and both EMAs are turning upwards, it is still too early to confirm if DAYANG has reversed its downtrend. This could be yet another fail trend reversal just like those few months ago. Do be reminded that lower-lows indicates bearish trend. DAYANG needs to break its previous swing high, at RM1.09 before a trend reversal can be confirmed.

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