Price Action Analysis
Trend Analysis:
- The stock has been in a long-term downtrend from 2017 to 2021, with lower highs and lower lows.
- Accumulation Phase (2021 - 2023): Price remained in a tight range between $0.21 - $0.30, indicating potential accumulation.
- Breakout in 2024: Price is now moving above key resistance levels, signaling a possible new uptrend.
Key Support & Resistance Levels:
- Support: Around $0.24 - $0.28, where price consolidated in 2023.
- Resistance: $0.42 - $0.465 (next major level), followed by $0.52 - $0.53 (previous highs in 2018).
Breakout Confirmation:
- The price closed above $0.40, confirming a breakout from the multi-year range.
- A retest of $0.38 - $0.40 could offer a buying opportunity if the level holds as support.
Momentum & Volume:
- The recent price surge is backed by strong bullish momentum, suggesting further upside.
- Volume is increasing, indicating buying interest.
Price Projection:
- If the breakout sustains, next targets: $0.465 → $0.52 → $0.53.
- A failure to hold $0.38 - $0.40 could lead to a retracement towards $0.30 - $0.32.
Conclusion:
Hock Lian Seng (J2T) is showing a bullish breakout after a long consolidation phase. Watch for a successful retest of $0.40 for continuation towards $0.465 and higher. If price falls below $0.38, a deeper pullback may occur.
Dividend: 3.57%
Disclaimer: This analysis is for educational purposes only and should not be considered investment advice. Trading involves significant risk of loss and you should consult with a financial advisor before making any investment decisions.
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