Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Mon, 14 Oct 2019, 9:15 AM


Daily Technical Highlights – (MYEG, CARING)

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MYEG (Not Rated)

  • MYEG rose 4.0 sen (1.50%) to end the day at RM2.70.
  • Overall technical picture is positive with the share leading key SMAs upwards and is in a ‘Golden Crossover’ state.
  • The share is close to re-testing the RM2.72 (R1) resistance level which it had failed to break past it over the past three months.
  • Should it break past R1, we may see the share head towards its next resistance level at RM2.88 (R2).
  • Conversely, any downside bias will see support levels at RM2.56 (S1) and RM2.46 (S2).

CARING (Not Rated)

  • CARING surged 13.0 sen (8.67%) to close at RM1.63.
  • Yesterday’s move resulted in a decisive breakout from its 3-month downtrend at RM1.50 level, to suggest that the share price has potentially bottomed out.
  • CARING’s technical picture is turning positive indicated by the formation of a white “Marubozu” candlestick coupled with improving momentum indicators displayed by the MACD crossed over the signal line while other oscillators showing upticks, to signal recovery play could be on the cards.
  • From here, key resistances to look out for are RM1.70 (R1) and RM1.80 (R2). Conversely, immediate support level can be identified at RM1.50 (S1) while further down is RM1.45 (S2).

Source: Kenanga Research - 21 Mar 2018

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Related Stocks

Chart Stock Name Last Change Volume 
MYEG 1.43 0.00 (0.00%) 7,206,000 
CARING 2.20 +0.06 (2.80%) 12,500 

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