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jfapex

Author: jfapex   |   Latest post: Thu, 21 Jan 2021, 11:04 AM

 

Technical Stock Pick - Hai-O Enterprise Bhd

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Technical Stock Pick - Hai-O Enterprise Bhd
 

 

Closed:                    RM1.88

Resistance:              (R1) RM2.02/(R2) RM2.23

Support:                  (S1) RM1.84/(S2) RM1.80

 

 

Hai-O Enterprise Bhd (7668) has been in a downtrend from a high of RM4.77 in May 2018 and hit a bottom of RM1.11 in MarchYesterday, the stock rose 8 sen to RM1.88 with heavy trading volume to breach the 50- (blue line), 100- (pink line) and 200-day moving averages (orange line).

 

Technical indicators are healthy with the MACD crossing above its signal line and the RSI is rising towards the overbought zone.

 

After yesterday’s gap-up, the stock could pull back but has a chance to extend its rebound should share price sustain above the immediate support at RM1.84. For the downside, we advise traders to cut loss if the price falls below the second support of RM1.80, marked by the 200-day moving average (orange line).

 

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Labels: HAIO

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