In the week of 27 March 2017, the weekly chart of EA broke above a supply line. The higher low had been seen. The RSI7 had been at below 30% and climbing up. the high of that week was 27.75 THB. A close above this price would be a good buying point. Confirmed by flipping upward of the EMA ribbon (5, 10, 20), the price had gone up largely along the EMA5 line after that. About a month later, the price closed above a supply line formed by local max points of the previous all-time-high point and the recent high point. Long-term investors would keep track of this stock to see if it formed a new supply line from most recent local max points, by hand or by software helper such as the Forex Insight Pro's Local max-min tool. The price of EA had gone super largely to make a new all-time-high of 71.25 THB in the week of 15th January 2018. A month later another lower high point was formed. These local max points formed a new supply line that acted as a resistance. Due to the huge gain already obtained and the high speed of price rally. This should be accepted as a good profit taking point.
After unsuccessfully attempted to go beyond the newly formed supply line, the price gave up, closed below EMA5 line and took an elevator to get back to the ground of 27.75 THB. As of now, the EMA ribbon still spread downward. The EMA5 has not crossed the EMA10 line yet. It would take very long time for the price of super stock under big correction to climb up significantly again.
Investors who want to learn how to read market stories from the charts can consult me (Dr. Nimit Chomnawang) at [ m.me/nimit.chomnawang ].
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