25th may gap up with substantial volume, Prices was close near the resistance zone $0.405/0.415, following day the mention resistance zone was tested but rejected and given the fact KLSI CI was in bearish, but this counter retest the resistance zone and it successfully removed the roadblock and heading last year high which is $0.485.
Due to overall KLSE index weak, the upward momentum was slow down and formed spinning top at $0.460, this was initiate correction started 5 days ago and heading to the support Zone (Previous Resistance zone) at $0.405/0.415. Prices action showed the support level ( $0.405/0.415) was respected, it is indicate good opportunity to collect(For me to buy).
Elliot wave reading is on Wave 3 uptrend and target is moving toward $0.490/$0.560. Price moving up and along the path should face resistance at $0.470/$0.530.
In case of the trend again me I will stop loss if the prices close below $0.370.
Learning : Flag
Flats are very common forms of corrective patterns, which generally show a sideways direction. Waves A and B of the Flat are both corrective patterns. Wave C on the contrary is an impulsive pattern. Normally wave C will not go beyond
the end of wave A..
IT is not a buy, sell or hold call. it is just for sharing and education purpose only, seek professional advised for any action if you keen to do it.
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