A pullback simply represents any price movement that is against the prevailing trend. A pullback is a short-term move in the opposite direction of the longer-term trend. It can offer an opportunity to join the trend without chasing the stock.

Using Revenue daily chart as example, we have found a pullback trade after the accumulation stage. Based on Volume Spread Analysis, we saw several sign of strengths in the background:

1. 2 months of accumulation stage with a shakeout below support level
2. A confirmation of shakeout with Pushing Through Supply on 16 November 2018
3. Price supported well at previous resistance level on RM1.30
4. A confirmation of pullback signal with a 18 Line Change with volume

Stop Loss = $1.37

1st Target = $1.57

2nd Target = $1.63 or Sign of Weakness

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Disclaimer

This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock.