Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 16 Aug 2019, 10:35 AM


Daily Technical Highlights – (MHB, VIS)

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MHB (Not Rated)

  • MHB gained 6.0 sen (+8.11%) to close at RM0.800 yesterday.
  • Yesterday’s move was backed by strong trading volume and we think it has now confirmed a breakout from the previous RM0.700 resistance level.
  • With the share appearing to bottom-out from the downtrend, overall technical outlook is looking increasingly bullish with the share trending above all key SMAs.
  • Expect MHB to meet some resistance at RM0.865 (R1) where a break above might see another rally towards the RM1.00 (R2) psychological resistance level.
  • Conversely, supports can be identified at RM0.700 (S1) and RM0.630 (S2)

VIS (Not Rated)

  • VIS gained 3.0 sen (+5.0%) to close at RM0.635 yesterday, with 2.8m shares exchanging hand, double of its 20-day average.
  • Trend line is bullish since early April, with yesterday’s close saw a decisive breakout from RM0.618 prior resistance level.
  • Technical indicators all in supportive towards a move to the next high, with key SMAs continuously in “Golden Crossover” as well as minor upticks seen in the MACD, RSI and Stochastic.
  • Key resistance to lookout for is RM0.720 (R1). Once taken out, the share is on a clearer path for the next leg higher high towards resistance level RM0.830 (R2).
  • Immediate downside support can be found at the resistance-turned-support level of RM0.600 (S1) and RM0.555 (S2) further down.

Source: Kenanga Research - 26 Jul 2018

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