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Since FA view is another bonus point, no doubt it will sustain for longer run. I believe it will beneficial from the incoming implementation of NFCP and digitization segment soon.
Profit taking is well absorbed and positions cleared for those who entered during the trend was down since few years ago. As mentioned, this is the beginning of new bull cycle as Monthly BB squeeze setup has well established for further upside in long run. As long as it trading above upper BB line in monthly chart, it indicates the chance for the prices to hug along the upper BB line is high. Therefore, consolidation between 0.035-0.040 is good level to enter in daily or weekly time frame.
If momentum continue, the Monthly BB channel is subjected to be widen and trending up. Even a shooting star formed in daily chart, there is tendency the momentum will continue next week as it was still able to close above upper BB line in Weekly chart. Anyway, critical support is still at 0.03.
No matter it closed at 0.04 or 0.045, it is still able to penetrate and closed above WMA200 in weekly chart. Good sign. Any resistances we see from daily and weekly chart can be penetrated easily as Strong Bull BB Signal push from Monthly chart.You may refer to the same Monthly BB setup from Topglove during June 2003 although both from different industry.
As you can see from Weekly time frame, M3Tech has continued to move higher after consolidated above WMA200. Monthly BB bullish setup is still acting as base for longer run. However, expecting knee jerk reaction in shorter run for profit taking along the way up. I am waiting VIVO can do the same. Most of all, our risk appetite is most important. Current critical support still at 0.030-0.035
Depends whether the consolidation incurred during downtrend or uptrend. For now it is on uptrend, probability for breakout from consolidation phase is higher. Consolidation below Moving Average may cause downward but VIVO consolidating above 200WMA in weekly. So it is different story. Ofcos, there is still other factor to watch. To reiterate, Monthly Bolinger Band signal is rare to watch as it need month or years for the setup.
As long as it still close at 0.04 and above WMA200 in weekly time frame, it still showing strength for further upside. Profit taking with low volume is another good sign. Immediate support at 0.035
Even without catalyst, the price movement is due to recovery and gradual growth. Short term profit taking is welcome for further up move as it still well supported above WMA200 and 3.5 cts.
Seems selling almost dried up and well supported at 3.5 cts. Time to watch again. Pessimistic opinion without quantified data from prior bad experiences may not work this time. When strong Monthly BB signal can initiate a strong support for long run, short term noise would be a chance for us to enter at better price. Critical support is still at 3 cts.
As it is one week away from Month End, critical support 0.035 will be revised to higher level as believe price will move higher along Monthly Upper BB line. Higher high in monthly basis.
If it manage to close at 5cts today which is above weekly BB, there will be a spill over strength to next week where it could challenge a better closing towards month end to succeed Month BB setup. If it does, critical support will raise to 4cts to support higher trading price. The current critical support is still 3.5 cts to validate Monthly BB setup. Very nice slow uptrend adapting to our gradual econ recovery pace.
