Tuesday, October 31, 2023

Technical Analysis of MONNOAGML

This is no buy/sell recommendation - just a trial to see if Technical Analysis (works to an extent) in Dhaka Stock Exchange.

MONNOAGML had a bullish rally from mid-22 to 2023. After that it is under-going correction.

There are two possibilities. 

Bullish: The fall from 949 High of 29 Oct 2023 could possibly be the last lag of the correction. Once this is over, then we could get another bullish move (after some consolidation) in future.

Bearish: The 5-wave sequence from 1183 (on 14 June 2023) to ~702 fell about 481 points. This might be Wave 1. Then the subsequent correction to 949 could be Wave 2. We need to watch the next price movements - to determine if it is Wave 3? If price falls below 468 (which seems unlikely at the moment), then there could be trouble.





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