A technical outlook of Seni Jaya Corp. Is the stock in an uptrend or downtrend, where is the support and resistance.
Let us begin our analysis of Seni Jaya Corp by looking at the weekly chart of this stock. As you can see this stock is above its rising weekly 20 MA and rising weekly 50 MA. What this means is that this stock is in a strong long term uptrend.
The thing with stocks that are in an uptrend is this. They tend to go higher and higher without anyone knowing when they will reverse. So if the trend is up, there is a better chance the stock will continue to rise.
Recently the stock broke above a previous high and is now making a new high. In terms of technical analysis, a previous high that is once broken will become a new area of support. You can see how a previous high back near April became a support for the stock when it corrected. So the most recent highs near July will now act as a new support area.
The daily chart above shows that this stock is in a daily uptrend as well. Making higher highs and higher lows. Today it broke out higher above the previous high. The green area will be the new support area. As long as Seni Jaya stays above this green area, then it is likely to continue to move higher in the future.
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