Dagang NeXchange Bhd (DNeX Stock) jumps on Foxconn 5% acquisition [Video]


Dagang NeXchange Bhd (DNeX) opened at 0.91, up 6.55% following the news that Foxconn (or Hon Hai), the main assembler of Apple's iPhones, has acquired 120 million shares (or a 5.03%) in DNeX.

Tell-tale signs for bullish characteristics have been spotted while DNeX was trading below the resistance level at 0.835, as shown in the video below:

Inside the Telegram Group, Ming Jong Tey has discussed the context for DNEX after the breakout happened on 8 Jun and how to derive the directional bias based on the interpretation of the supply and demand using the volume spread analysis together with the price action. Refer to the screenshort below:

Trade Precise Telegram Group

DNeX Price Action Update 

DNeX Price Action Update

As shown in the daily chart above, DNeX had jumped at the market open followed by an attempt to push up to test the resistance zone at 0.95-1. Profit-taking activity was observed with spike of volume. It is crucial to monitor the today's close to judge the price movement characters for DNeX next week.

As supply has emerged, it is expected to see a reaction or at least a consolidation for DNeX to absorb the supply before the next rally under a bullish scenario. A drop below the resistance-turned-support at 0.835 might negate the bullish case.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Feed news

GME stock positioned for another short squeeze

Get the full analysis and chart in our Insights. Upgrade to Premium today    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD looks to 1.2200 amid weaker US Treasury yields, risk-on mood

EUR/USD is advancing towards 1.2200 amid the US dollar’s weakness on softer Treasury yields. Dovish Fed expectations continue to persist despite hotter US inflation. The euro benefits from the ECB’s progressive economic outlook.

EUR/USD News

GBP/USD: Upside remains capped below 1.4200 on disappointing UK GDP

GBP/USD is trading below 1.4200, keeping its range intact after the UK GDP missed estimates with 2.3% in April. The cable shrugs off a softer US dollar amid a cautious sentiment ahead of the G7 meeting and fresh chatters over a delay in the UK reopening.

GBP/USD News

Gold looks to retest May highs at $1913

Gold price is looking to extend Thursday’s stellar performance on the final trading day of this week, as the bulls briefly recapture the $1900 mark. Weakness in US dollar and Treasury yields motivate gold bulls.

Gold News

Shiba Inu price gains in jeopardy as it tags crucial support level

Shiba Inu price shows little to no connection with the crypto markets as it failed to rally on June 8. Additionally, SHIB continued to descend while most altcoins were on a rally, following Bitcoin.

Read more

Hot Inflation is warming the seat for the June FOMC

Americans are seeing the fastest price increases since their seventh-graders were born as inflation builds into the US economy from the disruptions of the pandemic lockdowns. Core CPI at 3.8% is the steepest gain in 29 years.

Read more

Forex MAJORS

Cryptocurrencies

Signatures