Daily technical highlights - (DNEX, HEIM )
Author: kiasutrader | Publish date: Fri, 17 Feb 2017, 02:31 PM
DNEX (Not Rated). DNEX garnered strong investors' interest after it secured a one-year contract to provide services for the eWork Permit System. The stock rose 2.0 sen (7.02%) to close at RM0.305 yesterday, breaking out from its multi-year downtrend resistance-turnedsupport trend line of RM0.30. The MACD line is forming a higher high trajectory on the back of uptick in RSI and Stochastic, implying that the bulls are on the winning end to lead the stock further up. Besides, the 50-day and 100-day SMAs are also looking to stage a ‘Golden Cross’ soon to reinforce the bullish-bias outlook. From here, we reckon that follow-through buying could lead DNEX to gear higher up towards RM0.32 (R1) and possibly RM0.34 (R2) in the near-to-mid term. Support levels are envisaged at RM0.30 (S1) followed by RM0.285 (S2).
HEIM (Not Rated). After announcing a stronger-than-expected quarterly earnings results, HEIM attracted strong investors' interest to surge 66.0 sen (4.15%) to close higher at RM16.58 yesterday. HEIM staged a technical gap-up during the intra-day to break out from its multimonth resistance-turned-support trend line on strong trading volume, closing above all its key SMAs. All key momentum indicators (MACD, RSI and Stochastic) are also hooking up to portray the pilling buying interest on the stock. Nonetheless, a ‘Doji’ candlestick was formed during yesterday’s session and HEIM needs a positive price action today to dictate an uptrend trajectory and vice versa. Resistance levels are envisaged at RM17.22 (R1)/RM17.78 (R2)/RM18.77 (R3) while support levels are leveled at RM16.30 (S1) followed by RM15.70 (S2).
Source: Kenanga Research - 17 Feb 2017
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