Following release of 1st Quarter Results dated 31-3-17. The net profit surged to RM3 million, showing the best quarters over past few years, the cash flow has been improved to nearly RM6 million, Revenue also improve 11 million from last quarter, finance cost also reduce substantially.
From the Chart View, LSteel is Forming A Cup and Handle pattern. A Cup and Handle pattern resemble it namesake, a cup with a handle. The cup is shaped as a “ U “ and the handle has a slight downward drift. The right hand side and bottom of the pattern typically has low trading volume and may be as short as 7 weeks or as long as 65 weeks.
A Cup and Handle is considered a bullish continuation pattern and is used to identify buying opportunities. Refer to chart , the price retrace from a high of 0.54. to cup bottom low of 0.40 sen. A Breakout downward trend line occur at 0.47 sen provide a start of buy opportunities signal. if the Price hovering over 0.53 sen convincingly is a significant Breakout with increasing of Volume.
The depth of Cup is around 0.14 sen (ie 0.54-0.40) signify the potential first target high .A Profit Target is determined by measuring the distance between Depth of the Cup (ie 0.14) from the pattern breakout level ie 0.53). , hence the first price target high will be 0.67 sen (ie 0.14+0.53). The Price will push further high should the buying momentum continue.
Stop loss order may be placed below the handle breakout level ie below 0.46 sen.
Chart | Stock Name | Last | Change | Volume |
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Created by bali | Apr 30, 2021
Alex
macam yes. monday queue premarket
2017-05-27 13:42