ORGABIO - Proposed Bonus Issue (Free Warrants)
ORGABIO - Current price RM0.375
An analysis on price action without using any indicator.
On 21 May 2024 the stock made a significant Rising Window (Breakaway Gap) and closed at RM0.405. From there, the share price made a rally until 11 July 2024, hit an intraday high at RM0.520 (surge 28% from RM0.405) and closed at RM0.475 - lower than previous session closing price. Based on JAPANESE CANDLESTICK CHARTING TECHNIQUE, it made a BEARISH ENGULFING pattern which indicates potentially a decline is coming. As expected, from that BEARISH ENGULFING pattern, price falls until 12 Sept 2024, an intraday low at RM0.325 (strong support level of RISING WINDOW zone) and bounced back higher to closed at RM0.335. As such, the support level made on 21 May 2024 is still intact. At this point, traders may view this as an opportunity to buy on support.
On 02 Oct 2024, the company made an announcement to proposed BONUS ISSUE of up to 61,967,000 FREE WARRANTS in ORGABIO ("WARRANT(S)") on the basis of 1 WARRANT for every 4 existing ordinary shares in ORGABIO held on an entitlement date to be determined and announced later.
After that announcement, on 03 Oct 2024 the stock made a small rising window and closed higher at RM0.360. Then for 4 days the stock test the resistance RM0.360 and finally made a breakout to closed higher at RM0.370 on 17 Oct 2024. This price action added more the BULLISH scenario for this stock.
In my view, the stock may extend its uptrend as supported by :
i) SUPPORT LEVEL OF RISING WINDOW 21 MAY 2024 STILL INTACT - RM0.325
ii) GOOD NEWS OF BONUS ISSUE (FREE WARRANT)
Lets monitor closely !
An analysis on price action without using any indicator.
On 21 May 2024 the stock made a significant Rising Window (Breakaway Gap) and closed at RM0.405. From there, the share price made a rally until 11 July 2024, hit an intraday high at RM0.520 (surge 28% from RM0.405) and closed at RM0.475 - lower than previous session closing price. Based on JAPANESE CANDLESTICK CHARTING TECHNIQUE, it made a BEARISH ENGULFING pattern which indicates potentially a decline is coming. As expected, from that BEARISH ENGULFING pattern, price falls until 12 Sept 2024, an intraday low at RM0.325 (strong support level of RISING WINDOW zone) and bounced back higher to closed at RM0.335. As such, the support level made on 21 May 2024 is still intact. At this point, traders may view this as an opportunity to buy on support.
On 02 Oct 2024, the company made an announcement to proposed BONUS ISSUE of up to 61,967,000 FREE WARRANTS in ORGABIO ("WARRANT(S)") on the basis of 1 WARRANT for every 4 existing ordinary shares in ORGABIO held on an entitlement date to be determined and announced later.
After that announcement, on 03 Oct 2024 the stock made a small rising window and closed higher at RM0.360. Then for 4 days the stock test the resistance RM0.360 and finally made a breakout to closed higher at RM0.370 on 17 Oct 2024. This price action added more the BULLISH scenario for this stock.
In my view, the stock may extend its uptrend as supported by :
i) SUPPORT LEVEL OF RISING WINDOW 21 MAY 2024 STILL INTACT - RM0.325
ii) GOOD NEWS OF BONUS ISSUE (FREE WARRANT)
Lets monitor closely !
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