Wentel Engineering Holdings Bhd to Exit The Sideways Range
In daily timeframe, price is currently trapped in the sideways/accumulation ranging from 0.305 to 0.335 since April 2024 with a low volume. Price also is holding up well above both the MA 20 and Ma 50. A weekly bull candle already taken out the long wick bearish candle showing that the bullish momentum still intact for short term period.
In lower timeframe H1, the internal structure price formed Higher High (HH) and Higher Low (HL) suggesting price is bullish.
To further validate the bullish movement, price must close above 0.345 as a sign of Change of Character (ChoCh).
A break below 0.305 will negate the bullish movement in H1 signaling correction still in progress while 0.285 will be the last defense.
In lower timeframe H1, the internal structure price formed Higher High (HH) and Higher Low (HL) suggesting price is bullish.
To further validate the bullish movement, price must close above 0.345 as a sign of Change of Character (ChoCh).
A break below 0.305 will negate the bullish movement in H1 signaling correction still in progress while 0.285 will be the last defense.
Note
On June 2024, price do made another Break of Structure (BoS) and reached 0.415 as the new ATH.
Currently price undergone correction phase due to the following:
a) In daily, price declined below the MA 50 with MA 20 crossed below MA 50
b) While in weekly. price still below MA 20.
Currently the bullish outlook remains intact and 0.285 still stand as key support level which price reacted at this level.
Break above 0.330 - 0.350 in weekly will further support the bullish outlook.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Publications connexes
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.