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Technical Indicator – Meta Bright Group Berhad (2097)

Technical Indicator – Meta Bright Group Berhad (2097)
Meta Bright Group Berhad has been showing some interesting price action, especially as it approaches critical levels on the chart. The stock is currently holding at a crucial support level of RM0.120. This level has proven to be a significant zone of buying interest in the past, as evidenced by the repeated testing and subsequent rebounds.
On the upside, the nearest resistance stands at RM0.130. This level aligns with previous consolidation zones and could act as the first barrier for any upward movement. Beyond RM0.130, additional resistance levels are seen at RM0.140, RM0.150, and RM0.160, which reflect historical price clusters where selling pressure has been dominant. Breaking through these levels would require strong bullish momentum, supported by higher trading volumes.
Volume analysis shows a noticeable increase as the price approached RM0.120, suggesting active participation from buyers at this key support level. This reinforces the strength of the RM0.120 zone and its importance in determining the stock's next move. Traders should watch for any changes in volume behaviour, as it could indicate shifts in market sentiment.
The Relative Strength Index (RSI) further adds an intriguing element to the analysis. Currently, the RSI suggests a potential oversold condition, which often signals that selling pressure may be exhausted.
In conclusion, RM0.120 is a vital support level that could determine the stock's trajectory.
Holding above this level may provide an opportunity for a rebound, particularly with the RSI hinting at oversold conditions. On the other hand, a break below could lead to further declines. If the stock manages to regain bullish momentum, RM0.130 will serve as the first resistance level to watch, followed by RM0.140, RM0.150, and RM0.160.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
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