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Armada

September 15th, 2019 by dimpledbrain

  1. I was first asked to check on Armada on 20/8. Refer to point A above.
  2. At that point in time, I said the chart is weak and there is no demand.
  3. Lo and behold on 30/8 (10 days later) demand came in and pushed the price up (Point B)
  4. It then retraces beautifully over the next 4 days. Observe how the closing price retraced into a tight spot and on decreasing volume (there is no further supply being pressed onto the market)
  5. The market went up above RM0.30 (the resistance line that I talked about in the last post)
  6. It still has the capacity to go up until demand is exhausted + supply comes in. What it does on the next retracement will provide clue onto the next likely movement
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