Naked Chart Trading: MYEG 29 Apr 2024
Today is the second day after $MYEG(0138.MY$ showed a strong spike on last Friday, from day low RM0.805 to day high 0.925, hit its highest since Feb 2023 (more than a year high) with nearly 13% gains in a single trading day.
My thought will be this key question: can MYEG price extend its momentum today or correction after a strong spike? Referring to historical chart, there is a high potential that the share prices will retreat after a strong spike, so I want to zoom in and see how will this time be.
The latest catalyst of MYEG, according to Theedge news MyEG inks partnership to launch Hong Kong virtual assets, the company is expected its long-term outlook remains positive as the group continues to introduce innovative series in Malaysia and in the global.
On top of that, another good news for MYEG will be the company and HeiTech Padu form partnership to collaborate on IT projects, please see more details in Theedge news MyEG, HeiTech Padu form partnership to collaborate on IT projects
$MYEG(0138.MY$ Weekly Chart
Boosted by its positive fundamentals, now I am looking into the technical part. Major resistance will be seen at around RM1.15 level (Nov 2021 high), close above that level to retest year 2018 high above RM1.50 level. Psychological resistance level of course will be at RM1
Based on Fibo retracement I drawed from Apr 2018 high to Jun 2018 low, the share prices is testing rebound from 23.6% which is Feb 2023 low and currently testing 50%-61.8% level. Support level will be seen at RM0.700-RM0.760
In order to form another bullish wave, in my opinion, the share prices required to close above yesterday close RM0.925, with more higher highs & lows to show buyer in control. From what I can tell for now, the share prices more likely will go for a retracement if it close below RM0.900 today
Disclaimer
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.
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.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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