Securities Name : ARMADA
Securities Code : 5210
Chart Type : Normal Candlestick Chart
Resolution : 1 Hour Chart
Disclaimer:
This is just a haring of personal experience and I will not have ant responsibilities for the gain or loss on your investment action.
Securities Code : 5210
Chart Type : Normal Candlestick Chart
Resolution : 1 Hour Chart
TECHNICAL ANALYSIS OF ARMADA MYX:5210
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| Picture 1 ARMADA 1 Hour Candlestick Chart |
From the chart above there are two now 3 major price levels which include 0.300, 0.355 and 0.410.
The first price and second price levels indicate the mid-term support line and current support line (which is the formal resistance line before the breakout on this morning) which might act as a significant role on the price movement.
The mid-term support line was set at that position due to the rebound candle pattern with the spike of volume at particular moment and 0.355 is the previous resistance price level which had been challenged by Armada multiple times during mid-September as shown by the yellow symbol on the chart.The resistance line of 0.355 changes to the major support line for the current period after the breakout on this morning as this event which changed the boxing structure and started a new movement.
By measuring the distance between two former price levels (0.300 & 0.355) and add it to 0.355 equals to 0.410 which can be a mid-term target and resistance price level and the estimated period is around one to one and half month.
From the technical indicators perspective, multiple moving averages strength gradually turned stronger at the last trading hour on 3rd October and overall it is still remaining on the bullish trend with only 1 hour of false signal appeared on yesterday.There is still no sign for Armada to turn weak currently from the movement of moving averages. Besides, MACD is moving upwards current without and the change remains positive and also the stochastic oscillator becomes obtuse above 0.9 which as long as it remain above +0.9 and there will be only minuscule possible risk to form a large retracement.
As the conclusion, currently the trend remain bullish on the support line 0.355 and it takes time to achieve the mid-term target which approximately between period of 1 month to 1.5 month.The price should not break through 0.355 or else false breakout structure will be formed.The following picture is the same chart as show as above without the moving average strength background.
As the conclusion, currently the trend remain bullish on the support line 0.355 and it takes time to achieve the mid-term target which approximately between period of 1 month to 1.5 month.The price should not break through 0.355 or else false breakout structure will be formed.The following picture is the same chart as show as above without the moving average strength background.
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| Picture 2 ARMADA 1 Hour Candlestick Chart (Clear Background) |
Disclaimer:
This is just a haring of personal experience and I will not have ant responsibilities for the gain or loss on your investment action.
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Analysis