Long term overview (daily chart)
Looking at QL Resources Berhad over a longer period of time, it is
clear that the stock is in a long-term upward trend. Since 2017 there
has been an enormous price increase.
The SMA 200 is on a steep climb and underlines the strength of the
current trend. In the long run, the downward movement of November 2018
is only a correction.
The price corrected in a rapid movement into the last support range
between 5.750 - 6.250. This range is also highly relevant in the future.
If it is not broken, the uptrend remains intact and further rising
prices are very likely.
For an investment over several weeks, the last local high at 7,500 should be the target.
The MACD indicator is also showing a bullish signal. The intersection
of the averages has already taken place and the zero line has now been
For short-term traders, the last fall in prices is extremely important.
A short-term trend break is clearly visible from the 4 hour chart. The
last low of the upward trend on H4 is broken and thus the market is
trendless in the hourly chart.
Short-term traders should continue to watch until a new trend has clearly emerged.
If a new trend emerges, many market participants can be expected to
make an increased appearance and large movements in the direction of the
higher trend are possible.
In the last few days the market has been in a range. A breakout from
the range is important for the following development of the market. A
bearish breakout would likely result in a move to 6.00. A breakout to
the up, on the other hand, would move to the 7.250 level.
If you take the Bollinger Bands and the Volume Profile for help, the
currently unclear situation for short-term traders becomes clear.
The price is close to the point of control, which underlines that there
are many orders in the current range. The Bollinger Bands are also
The decisive factor is whether the buyers or sellers assert themselves.
In the long term, QL Resources Berhad is a clear buyer. However,
traders must be aware that there may be short-term price losses. The
situation on the hourly chart is and remains unclear and trendless. So
short-term traders should not take a position at the moment and wait for
a breakout out of the range. If a breakout occurs in the trend
direction of the daily chart, a rapid price increase is to be expected.
In terms of probability, traders should therefore focus on long
positions rather than short positions.