SIMEPROP another fund manager's favourite?
Looking at the chart for Sime Darby Property Berhad, here's my analysis:
Current Price Action:
- Trading at RM1.37, down 2.14%
- Currently forming what appears to be a triangle pattern
- Strong uptrend from late 2023 into early 2024
Technical Analysis:
1. Elliott Wave Pattern:
- Appears to be in Wave IV of a larger 5-wave structure
- Wave III peaked around RM1.70
- Currently in a corrective triangle pattern typical of Wave IV
2. Key Price Levels:
- Resistance at RM2.12 (0.786 Fibonacci level)
- Support around RM1.23 (marked on chart)
- Triangle pattern providing immediate support and resistance
3. Price Targets:
- Chart shows a target of RM1.93 (0.618 Fibonacci level) for potential Wave V
- Stop loss indicated at RM1.24 (11.24% below current price)
- Risk/reward ratio shown as 1.63
Pattern Analysis:
- Triangle pattern (labeled A-B-C-D-E) suggesting consolidation
- Once triangle completes, expect a breakout for Wave V
- Bullish bias as long as price stays above triangle support
Trading Setup:
- Entry zone: Current levels around RM1.37
- Target: RM1.93 (0.618 Fibonacci)
- Stop loss: RM1.24
- Risk/Reward appears favorable at 1.63
Current Price Action:
- Trading at RM1.37, down 2.14%
- Currently forming what appears to be a triangle pattern
- Strong uptrend from late 2023 into early 2024
Technical Analysis:
1. Elliott Wave Pattern:
- Appears to be in Wave IV of a larger 5-wave structure
- Wave III peaked around RM1.70
- Currently in a corrective triangle pattern typical of Wave IV
2. Key Price Levels:
- Resistance at RM2.12 (0.786 Fibonacci level)
- Support around RM1.23 (marked on chart)
- Triangle pattern providing immediate support and resistance
3. Price Targets:
- Chart shows a target of RM1.93 (0.618 Fibonacci level) for potential Wave V
- Stop loss indicated at RM1.24 (11.24% below current price)
- Risk/reward ratio shown as 1.63
Pattern Analysis:
- Triangle pattern (labeled A-B-C-D-E) suggesting consolidation
- Once triangle completes, expect a breakout for Wave V
- Bullish bias as long as price stays above triangle support
Trading Setup:
- Entry zone: Current levels around RM1.37
- Target: RM1.93 (0.618 Fibonacci)
- Stop loss: RM1.24
- Risk/Reward appears favorable at 1.63
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