Naked Chart Trading: AIRPORT 5014 12 Apr 2024
Can $AIRPORT(5014.MY$ sustain above RM10 level?
I did an analysis on weekly chart to identify whether a bearish reversal candlestick pattern will be formed by end of this week
I did an analysis on weekly chart to identify whether a bearish reversal candlestick pattern will be formed by end of this week
$AIRPORT(5014.MY$ had been hitting fresh record highs as boosted by positive tourism sector outlook and soon-to-be-updated passenger service charges
From the chart, its share prices had formed a strong double bottom bullish reversal pattern back in Covid period, and see a strong bull trend since Dec 2023, which marked a YTD gains of more than 30%
The latest weekly chart candlestick showed a potential inverted hammer/shooting star in forming, which may trigger a bearish reversal signal when these candlestick patterns seen during the bull trend
If share prices unable to sustain above RM10 level, based on Fibo retracement from Covid low to historical high, next support level will be pointed at 61.8% around RM7.80, 50% around RM7 and 38.2% around RM6.30
Immediate resistance level will be located at RM10.36 previous high
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