Using PENNANT / FLAG Pattern to Predict Price Movement
VS opened at a price of RM0.935, higher than closing price of previous trading day. The movement shows a bit of pullback to RM0.925. The price steadily moving up to highest price of RM1.08 before a slight pullback to closing price of RM1.07.
I am expecting profit taking from traders in the coming days and the price will continue to go fall until at least RM1.00. For the this purpose of analysis I would set RM1.00 as the strong support line for our chart to follow PENNANT / FLAG pattern .
If the traders maintains the price above RM1.00 with strong volume of higher than average daily traded volume for the past 1-2 weeks, we should expect the price to move up back to RM1.08. Bear in mind, the VMA200 (RM1.11) is the resistance needed to be broken. Once broken and is supported with increased buying pressure, our target should be RM1.15 in the coming days if not weeks.
Current Price: RM1.07
Support Price: RM1.00
Target Price: 1-RM1.11 2-RM1.15
Remember to trade with care. Please follow your own trading plan and risk tolerance level.
I am expecting profit taking from traders in the coming days and the price will continue to go fall until at least RM1.00. For the this purpose of analysis I would set RM1.00 as the strong support line for our chart to follow PENNANT / FLAG pattern .
If the traders maintains the price above RM1.00 with strong volume of higher than average daily traded volume for the past 1-2 weeks, we should expect the price to move up back to RM1.08. Bear in mind, the VMA200 (RM1.11) is the resistance needed to be broken. Once broken and is supported with increased buying pressure, our target should be RM1.15 in the coming days if not weeks.
Current Price: RM1.07
Support Price: RM1.00
Target Price: 1-RM1.11 2-RM1.15
Remember to trade with care. Please follow your own trading plan and risk tolerance level.
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