MMSV

MMSV
Analysis
Weekly chart.

Looking at the most recent price action on weekly chart, price on weekly chart closed at high of 1.97 in june n since then retrace to close at level 1.64 n seen strongly supported at that level which coincide to fibo 23.6% retracement at price 1.62

Looking at the fibo expansion on weekly chart, taken its historical low n high available on duration given, price already hit its fibo 1.618 level n surpassed at price 1.97, and retrace right after, if looking closely, there is a possibility that price currently at correction wave 4 and about to start its 5th wave from current level.

Looking at the daily chart, price formed a morubozu yesterday, suggesting that this particular stock is in demand. But volume was at only  21 days average level, an increase in volume would b seen positive to support uptrend move. Although all other indicators are still bearish, it is seen that those indicators already making a turn n pointing upward.  Indicators might form a bullish crossover if price continues its upward move for the next couple of day.

Opinion
Long term. Bullish with a target of rm2 (being psychological previous high), if this level broken, next target would b at 2.42 being its current retrace level 1.62 extension to 1to1 value of wave 1 (80sen) or 2.55 being its fibo expansion target at 2.618%
On medium term daily chart, immediate target would b 1.90 being its previous high

Support currently stand at 1.60/ 1.55 level.
If this level broken, it might fall and test fibo 50% level at 1.22