Despite the continuous bullish movements, the short-sellers are still refuse to close their position and keep shorting more and more shares. Very interesting indeed...
It has respected that 1.24 support level a few times now but I still can't encourage myself to top up or get some trading stock. I'll watch from the sidelines with a cup of coffee.
Today is the first quadruple witching day of 2021, expect to see huge volume (and probably price movement) at 4:50 pm in stocks that have foreign shareholders.
Yeah its movement in recent days are really weird and difficult to trade, was expecting it to break 1.25 today, but it holds very well despite what the broad market is doing.
The volume is in a decreasing trend, with the almost sideway-like price actions, it looks like a bull flag. Technical wise it is pointing towards 1.70~1.75 once it broke out of the flag with high volume.
HI Wen Jun, your post encouraged me to look at the Aeon chart. I understand what you mean but I'm not as bullish as you are on price targets. The Bollinger Bands are definitely tightening and volume is low but other indicators are not leading me to see any substantial rise yet. I hope I'm wrong !! :)
What I have noticed though is that shorting has stopped this week and also some of the borrowed stock has been returned. Perhaps they realise they can't push it down enough? I don't know.
Hi TreeTopView, personally I am not that bullish either, it really depends on how the price actions are going to happen next. We may see some breakdowns too, I will just wait while the signals are still unclear before buying any :)
There was over 1.2 million for sale at 1.30 and slowly but surely they chewed through it. The price pattern on this has been very impressive even while the market was shaky. It has been a pleasant surprise to me.
Technicals are looking good so far, it broke above MA20 and one of the upper trendlines of the bull flag, doing so with a two times higher trading volume compared to the recent average. MACD also showing an uptick:
Hi Wen Jun......so it will either go up, or go down, or remain the same? I'd say you will probably be right :)
Joking aside, it is a tough call. I've thought about topping up but don't quite have the nerve for it yet, considering the overall market sentiment. The support it's been getting from buyers has been quite surprising though. That should be a good sign.......but......
Wen Jun, the more I update and view the chart, the more confused I get :) Bollinger Bands are tightening and will eventually be tighter than a duck's backside, so something has to eventually break to the up or downside. A few other indicators are looking neutral and the short term moving average is almost directionless. Price action remains constant with a bias towards the upside, IMO.
Perhaps just tossing a coin might be just as accurate as the technicals in making a decision :)
I spent a bit of time yesterday digging into the technicals to try and get a clearer picture of this stock. It will probably bore the backside off most in here but I think there are some other technical readers that might be interested.
This current rising pattern started at the beginning of February when the price was 0.915 cents. That was just over 2 months ago, however the rise was mainly all done in the fist month, Feb2 @0.915 to March 4, 1.34, around a 46% rise. For the second month it has mainly been going through consolidation/distribution around the 1.30 +/- area and not giving back much of that 40%+ rise, that's quite impressive considering overall market sentiment during that month. The first retrace point of that rise was 1.24 (second retrace point was 1.17) and with only a couple of very brief intraday drops to the 1.24 level during the month, the 1.24 price point was always respected and not broken. Throughout the past month the Bursa has been volatile (understatement), however this has had very little effect on the Aeon price, which has been a surprise for me. Due to the tight price range that it has been trading in for just over a month, the Bollinger Bands have gradually tightened. The last 3 weeks end of week BB gaps have dropped from 14.21 to 9.32, then to 6.50 last Friday(9th). If it remains at the same rate it is possible by next Friday it could be at 4 or less...very tight. Eventually something has to give. I'll be watching that indicator closely during this current week.
Other indicators I use are showing neutral to positive. MACD is gradually tightening and showing possible signs of a crossover either later this week or the following week. Volume has been relatively soft over the past month, so I suggest monitoring that to see any signs of increased interest/volume.
A final thought......the start of the last rise commenced about 4 weeks prior to the release of the Quarterly, so could we see a similar pattern here, or perhaps even a few weeks earlier? The next Quarterly is due around May 24.
My Fib points if it was to break 1.33/1.34 with volume are: TP 1: 1.44 TP 2: 1.50 TP 3: 1.55
ps. For Wen Jun. A couple of weeks ago you mentioned a possible bull flag pointing to the 1.70-1.75 area. The Fib TP5 is actually at 1.76 but I think think it would take some very extraordinary news or a bumper Quarterly to get anywhere near there. I guess stranger things have happened, though...lol :)
Let's not get ahead of ourselves though, it has to break 1.34 before it's going anywhere. Will it, won't it? We'll eventually find out.
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....
niceprofit
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Posted by niceprofit > 2021-03-05 08:03 | Report Abuse
dataprep can be cook to rm2 why not aeon next