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IREKA 8834 closed at RM0.68 on 22nd August 2014 |
Background is showing sign of strength (SOS) as the recent surge in volume at all time low since 20 may 2014 indicates something big is going to
happen.This must be the accumulation phase.If not price will most likely to fall and
not sustaining there. The previous 2 test bars or shake out bars with higher volume
as indicated by red arrows may indicate that smart money is trying to shake out
the supply or sellers before pushing it high,but volume seems higher than average
bar (More tests or shake out were expected until we see a lesser volume, then
it is time to start the real rally as indicated by the last test bar with very
low volume on 22nd August 2014 (sign of strength-SOS).So I may
expect some upside soon.Plus , it seems it is well supported by short term
support MA 20 as shown by the blue line.
Ireka closed at RM0.68 on
22nd August 2014. My short term target price for Ireka:RM0.90 and
long term TP:RM1.20.
Besides,Will the cup and handle pattern form?we will know in
these coming few days. Technical
analysis is about probability, hence there is no guarantee of success.I might
be wrong.This is what i can read from the chart.
The purpose of this blog is to share knowledge, news and personal opinion on investment, economy, stock market etc. There is no guarantee that all the information in this blog is accurate and up-to-date. Invest at your own risk! TQ.
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