$SKBSHUT / 7115 (SKB SHUTTERS CORPORATION BERHAD): In the Bullish Trend
In technical analysis, the cup and handle pattern is considered a reliable bullish signal. This pattern typically indicates that after a period of consolidation, a stock's price may begin a new upward trend.
In the chart of SKBSHUT, we can clearly observe the formation of this pattern:
馃搶 Cup Phase: The stock price experiences a rounded bottom over an extended period, forming the left side and bottom of the cup. This indicates that the market has undergone sufficient consolidation and investor confidence is gradually recovering.
馃搶 Handle Phase: On the right side of the cup, the stock price undergoes a brief adjustment, forming a small downward handle. This phase is usually the final shakeout, clearing out short-term profit-taking positions and preparing for the next upward movement.
馃搶 Breakout: Recently, SKBSHUT's stock price has broken through the resistance level of the handle formation, which usually signals the start of a new upward trend. This is a positive indicator, suggesting increasing market interest in the stock.
Resistance levels: RM 0.775, RM0.825
Support levels: RM 0.655, RM 0.605
