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Weekly trend was very clear and we can see this counter is in extension wave 3, what is extension wave 3 ? This pattern has been define as a TREND pattern in which wave 3 is extended, it is most probable trend pattern to occur as of now.
We can see very often wave 1 length in prices and time is equal to wave 5 if 3rd wave was extended( you can see the magenta color wave degree).
The recent downtrend most likely is ended with the abc correction, which is supported
Technical Justification
1.) Hidden divergent, which is indicated the wave 4 up and uptrend continuous will happen.
2.) Candle stick forming bullish engulfing reversal signature up signal
3.) Wave 3 volume higher than wave 1, most likely wave 5 is under development right after correction wave ended.
Daily trend : Technical Justification.
Let we zoom down to daily chart, we can see another 3 key points to support this counter will go up .
1.) Bullish divergent was form which is indicate RM 0.38 is bottom.
2.) MACD signal line is about to cross over and Pareto change form negative to positive, which is indicate the bull trend was just started.
3.) Stochatic is cross over and heading to up, which is give a bullish implication.
4.) Head and shoulder formation, right shoulder is under development, which is demonstrated prices is heading to north.
5.)Breakout from downtrend trend line and form a long white candle, it is a bullish implication
My Trade plan
Breakout from downtrend trend line and form a long white candle, it is a bullish implication, most likely the prices will have go up further to 0.505/0.570/0.650. I do expect have some profit taking at 0.475, but it should not stop the prices go beyond it and heading to Min Target 0.505, after 0.505 clear and will heading to 1st target at 0.570.
My Stop loss is price close below 0.370/0.400
Other related information
Ideal Jacobs (M) Corp Bhd may emerge as one of its O&G partners, while more changes are expected on Ni Hsin’s board after two new faces emerged on Oct 10. Detail read below.
http://www.theedgemarkets.com/my/article/ni-hsin-plans-og-venture
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Investors should be cautious about any and all stock recommendations and should consider the source of any advice on stock selection. Various factors, including personal or corporate ownership, may influence or factor into an expert's stock analysis or opinion.
All investors are advised to conduct their own independent research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is no guarantee of future price appreciation.
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