MASTEEL buy signal based on MRV1 setup on 4 Jan 24 at RM0.345
- This is a repeated signal that was triggered multiple times, but the focus is on the one that happened on 14 Dec 2023 at the closing price of RM0.335.
- The support area could be established at the equilibrium support area of RM0.300, which is also suggested as the stop loss to maintain a minimum risk of 10% based on the price.
- The target price is somewhere between RM0.405 and RM0.410 with a 1:2 risk/reward ratio, aligning with the equilibrium resistance price area. Adjust the risk/reward ratio to 1:1.5 or 1:1 based on preference.
- The expected holding period is about 2-3 months since the signal comes from the daily chart.
- Pattern-wise, it’s still trying to break above the ascending triangle pattern, which was broken multiple times, just not closed above the triangle resistance. A momentum reading appeared as confirmation for the pattern play.
This information is for discussion purposes only and is not a buy/sell call.