Confirmation of Sign of Weakness in Supermax (7106.KL)

Hidden Potential Selling is clearly spotted in Supermax chart. Based on Volume Spread Analysis, the bar on 22 November have formed an Up-Thrust signal follow by a confirmation on the next day. The price breakout above resistance but close lower toward the end of the day shown Smart Money is distributing again at the top.

An Up-thrust bar is a wide range bar seen during an up-trend and closes strongly down on high volume. After a strong volume surge, we should expect a strong reversal. The Smart Money distributed a lot of shares and they are ready to sell more. The close price is also an indication of the Bulls weakness. When an Up-thrust bar's close price is close near the low of the day, it means the bull is very weak.

Currently price have broke below ATR stop loss with widespread down bar and high volume. Based on the confirmation on the weakness, TradeVSA have notify traders to exit on the re-distribution stage.

Disclaimer
This information only serves as reference information and does not constitute a buy or sell call. Conduct your own research and assessment before deciding to buy or sell any stock.