Naked Chart Trading: MBSB 20 May 2024

MBSB reached its top back in year 2013 then started its downtrend, hit its low during pandemic and slowly rebound in a sideway to higher trend. MBSB showed a strong rebound last week with more than 10% weekly gains, and the momentum continue today, looks like the prices gonna testing RM1 level.

I drawed a Fibo retracement from Jun 2017 high to Mar 2020 low. The share prices currently testing 50% around RM0.920. The next resistance 61.8% will be at around RM1.05-RM1.10. Break today high RM0.950 to test RM1 level. Support levels are RM0.830, RM0.740. Will rebound end at 50% Fibo retracement or continue its bull wave?

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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.