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Raffles Medical : Weekly Chart
Identifying a change in trend using highs and lows of a stock price action.
From bullish to bearish - Lower High
From bearish to bullish - Higher low
TA is of course using historical price behaviour/patterns to forecast future price movement.
And the funny thing is also a same chart can be view in many different ways or differing views.
Today I am attempting to share a forward anticipation approach in TA using Raffles Medical chart.
Looking at the top left you will notice on two occassions RM failed to make new high as indicated
by the blue arrows. It also tell me that it wasnt able to sustain $1.34(horiontal line) and a eventual
breakdown below 1.34 lead to further weakness toward the next horizontal line at 1.11 level and even
went lower on another subsequent incident.
With the above background we look into today RM price chart and try to anticipate what this stock
should be doing to continue its uptrend and what we wanna to see for a change in trend.
For its trend to continue we will want to see a higher high than its recent HIGH labelled in the chart.
In the coming weeks/months if RM fail to make new high and instead register a lower high, see ?
on the top right chart, follow by a break down below 1.34 then it is likely a top has been formed
for this stock. If one doesnt want to wait for this breaking down confirmation, one can observe its
price action of the rebound from current level if its strong or does it meet with strong resistance.
A level of interest to me to look at is around the 1.50 area. One can also look at the hourly chart
at that point in time for any possible earlier signal of weakness in it price.
With the above I hope it can better prepare one who are vested in RM to observe its future
price movement and make the right decision there and then.
All the bre@st
Identifying a change in trend using highs and lows of a stock price action.
From bullish to bearish - Lower High
From bearish to bullish - Higher low
TA is of course using historical price behaviour/patterns to forecast future price movement.
And the funny thing is also a same chart can be view in many different ways or differing views.
Today I am attempting to share a forward anticipation approach in TA using Raffles Medical chart.
Looking at the top left you will notice on two occassions RM failed to make new high as indicated
by the blue arrows. It also tell me that it wasnt able to sustain $1.34(horiontal line) and a eventual
breakdown below 1.34 lead to further weakness toward the next horizontal line at 1.11 level and even
went lower on another subsequent incident.
With the above background we look into today RM price chart and try to anticipate what this stock
should be doing to continue its uptrend and what we wanna to see for a change in trend.
For its trend to continue we will want to see a higher high than its recent HIGH labelled in the chart.
In the coming weeks/months if RM fail to make new high and instead register a lower high, see ?
on the top right chart, follow by a break down below 1.34 then it is likely a top has been formed
for this stock. If one doesnt want to wait for this breaking down confirmation, one can observe its
price action of the rebound from current level if its strong or does it meet with strong resistance.
A level of interest to me to look at is around the 1.50 area. One can also look at the hourly chart
at that point in time for any possible earlier signal of weakness in it price.
With the above I hope it can better prepare one who are vested in RM to observe its future
price movement and make the right decision there and then.
All the bre@st
Zaobao charting today said RM still need to go down a bit $1.27 before able to up again ?....Covid 19 patients quarantine at home not hospitals maybe affect their business ?