Naked Chart Trading: Bursa 1818 19 Apr 2024

2. New brokers join the market

3. New products to be offered

4. More IPOs

5. Potential US interest rate cut to stimulate the market

The recent low from Covid in Mar 2020, rebounded to its highest at Jul 2020 supported by the glove stock rally, then began its long bearish trend. Based on Fibo retracement I drawed from the high and low in year 2020, Bursa stock prices completed its 23.6% retracement and enter sidewat since year 2022.

In Jan 2024, the price successfully breakout from the sideway, which is also a tripple bottom bullish reversal pattern. It hit its highest by end of Jan 2024, more than 2 year high, which is also 50% Fibo level. However, Bursa stock prices had been relatively quiet since Jan 2024 by traded in tight range.

Chart overall is showing higher highs & lows, which signaled there is still potential buying power to lift its stock prices, so I will watch out its upcoming quarter results.

50% Fibo level around RM7.70, followed by 61.8% around RM8.50, and covid high of around RM11

38.2% Fibo level around RM6.80, 23.6% around RM5.80 and covid low around RM4.30

This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.