Technical Analysis Of Green Packet Bhd

Green Packet Berhad's stock is already in an established uptrend. However, it is reaching a resistance area which you need to watch out.

The chart above is the daily chart of Green Packet.

As you can see, the stock broke out of an ascending triangle bottom and started a new daily uptrend. The stock bottomed when it met its rising 200 MA.

The powerful 200 MA once again did its job to bring support to a stock. The ascending triangle pattern is easily spotted as it will have a relatively flat top but with rising lows. Notice how the stock made a higher low.

Green Packet is still in a very nice uptrend as it is above its rising 20 MA, 50 MA and 200 MA. This is the characteristics of strong uptrending stocks.

The stock has already have a nice run up and if you look at the weekly chart below, Green Packet is near a resistance area. I am still bullish on this stock as long as it is able to stay above the 0.50 area.

When a stock nears resistance, it is usually a good thing to see it trade sideways a bit to rest. Stocks are like human beings. After a nice run, they also need a rest to continue. 

The sideways trading will also help to absorb resistance and supply on the left.

The weekly chart above clearly shows us that Green Packet has more than met its measured move target. In fact it overshot it a bit. After breaking out of a weekly ascending triangle bottom, the stock continued to shoot up with a correction around mid 2017.

But as you can see, even the weekly chart of Green Packet is in a uptrend. Therefore, any dips and breakout or continuation patterns are tradeable for the the trader.

  • If you like this article, consider starting the Stock Market Course. It is free and jam packed with great information for newbies.
  • Want to have updates on the financial markets? Join my Telegram Channel. Dstockmarket.com Channel.
  • Help support this page and press the Facebook Like button below. Thanks!

Recent Articles

  1. Technical Analysis Lessons From BMY Stock Chart

    Aug 16, 18 07:28 AM

    In this lesson, we will learn how and why BMY manage to bottom out and start a new uptrend.

    Read More

  2. Technical Analysis Lessons From Pentamaster's Stock Chart

    Aug 14, 18 08:19 AM

    In this lesson we will learn and examine why Pentamaster was able to recover all of its losses to start a new uptrend and achieve new highs.

    Read More

  3. Technical Analysis Of KLCI August 13 2018

    Aug 13, 18 05:56 AM

    The KLCI is currently at resistance territory after a nice big rally. I would consider a sideways trading a possible scenario at the moment.

    Read More

  4. Technical Analysis Lessons From AAPL's 15 Min Stock Chart

    Aug 13, 18 05:22 AM

    In this lesson, we will learn how AAPL's 15 Min stock chart formation help to send the stock higher for 2-3 days to give traders a nice swing trading opportunity.

    Read More

  5. Technical Analysis Lessons From S&P 500's Rally In July 2018

    Aug 07, 18 08:10 AM

    In this lesson, we will investigate and learn why the S&P 500 had a nice rally in July 2018 after a correction in June 2018. Learn how the charts and technicals hinted of a bullish reversal.

    Read More

New! Comments

Have your say about what you just read! Leave me a comment in the box below.