Share price gapped up in the morning on the 8th of July but was later dragged down by the poor performance of the market. The fall continued for another 2 days, creating worries among the ordinary investors. But savvy traders should be quick to notice that the price retracement did not substantiate a threat since it was not supported by volume (area b). It was merely a correction needed for price to move to higher levels (a bull pennant). Support was found at 83.5cents, before the share price rose above yesterday’s high today, signaling more upside. In conclusion, Malton is in the beginning of an intermediate-term uptrend and price would retest the 96cents resistance level again before breaching RM1. As long as price does not move below the intermediate bottom (79cents), the intermediate uptrend is still valid. Similiar conclusion could be reached if one were to use market profile analysis, since the formation of the D-shape with volume congested at the 86-88cents indicates that price are about to make a great move.
Basically Malton need to have bigger volume to push up the price and to maintain...last few days volume is below avarage volume. Will not see any big movement if volume not coming in.
Malton is in the beginning of an intermediate-term uptrend and price would retest the 96cents resistance level again before breaching RM1. As long as price does not move below the intermediate bottom (79cents), the intermediate uptrend is still valid. Similiar conclusion could be reached if one were to use market profile analysis, since the formation of the D-shape with volume congested at the 86-88cents indicates that price are about to make a great move.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
CityTrader
8,151 posts
Posted by CityTrader > 2013-07-12 16:11 | Report Abuse
what happen to thos counter today.. anti-trend?