$BJFOOD (5196.MY)$ Since lowest price 0.52, it start rebounc...
Since lowest price 0.52, it start rebounced, initially thought it will only reach at 61.8% fibonacci line ceiling and drop back, but it keep continue to go up reaching 50% line, the volume also increase while the hike. I'm predict it will touching 38.2% line and rebounced back, initially thought entering wave-3 or wave-5 trend. (Disclaimer: Just for my personal learning and practise, not responsible for any loss caused from this post)
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102326032 : I noticed your ema is interesting
投智者KTOP 102326032: What interesting? You come share yours
102326032 : Normally I see 20,50,100 haha
投智者KTOP 102326032: Oic.. I cincai put one.. Lol
102326032 : Pro is not the same.
投智者KTOP 102326032: Not as pro as you.
102326032 : You trade more short term trades?
101625629 : I try understand who the market participants are at this point. Many sellers opting out (sell pressures up) puts the major shareholders in a quandry (buy to hold further downsides); hence the intervention at 0.52. No serious buyers only opportunists and retail speculators. Their ops is loss making for now, some RM32m deep. Loss previous qtr 42m of which there's some 10m one-off loss. Yet any evidence BJFOOD is going to turn around the ops back to marginal profitability. Stacked against management: BJFood has expanded Starbucks operations into many locations weighed down by boycott sympathy. Unlikely to recover much. Customer attrition to competitors is real. Promo campaigns with deep discounts, may add turnover but surely difficult to lift profit lines. Cost cutting meassures remain to be seen. Only their strategic locations still ok, airport, BB, main centers. Nt sure but maybe 50% locations will struggle.Next qtr results, analysts to place numbers to a proper business valuation. The current top formations I see mostly deep pocket stakeholders holding the market, some seller exhaustion. Opportunities for current holders to short the stock. On another lacklustre qtr numbers, another round of sell-off to be expected. Likely a visit to below 0.40 to be expectd sometime Jun'24.
101625629 101625629: A visit downward may see sub 0.35 levels
101625629 : On TV charts daily, using one of the volume indicators, the point of control yr 2022/23 is 0.61; means many cost basis at this point, any move higher will likely to be met with significant sell pressures. Not likely to go over 0.62...but then who knows.
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