AEONCR (5139) - Technical Analysis

Historical Movement


1) AEONCR completed a huge falling wedge after 975 trading days since Jan 2013 and breakout at RM10.109 on Jan 17, 2017. Thus, we able to calculate the first level of upward satisfaction.

2) The first level of upward satisfaction:

-RM12.291 - RM6.861 = 5.430

-RM10.109 + 5.430 = RM15.538

3) After AEONCR shares prices reached RM15.538, it started to form consolidation phrase and there was a huge transaction volume on Mar 15, 2019 (Learning Point: If shares price reaches period high cum with high trading volume, it is a red flag which shows investor is leaving the counter). Then, it formed a small head and shoulder on Aug 28, 2019, with downward satisfaction as below: -

- RM14.781 - RM17.302 = -2.521

- RM15.244 -2.521 = RM12.723

4) Thus, AEONCR shares price had a great support pressure at RM12.723 with a bounce back and it formed the right side of head & shoulder on Mar 13, 2020. Again, the first level of downward satisfaction as below: -

- RM12.646 - RM17.300 = -4.653

- RM12.836 -4.653 = RM8.183

Current Movement


1) AEONCR hit its first level of downward satisfaction at RM8.183 on Mar 19, 2020, and we believe that it is forming a Bullish rectangle.

2) There was a fail break-out on Jun 4, 2020, but it managed it sustain above RM9.60 with 5 working days only. (Yellow Box)

3) With Yellow Box as a middle line and trading time relatively, AEONCR will enter a consolidation phrase with 40 trading days to confirm the next trading trend.

4) If we are a long term/value investor, you need to consider the current trend of consumer behavior and the development of COVID-19 as buying/holding/selling decisions.

5) As be productive speculator, we should stay put and wait for the next breakout. Estimated 40 trading days.


©2019 by Dividend Investor.