Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 22 Mar 2019, 9:04 AM


Daily Technical Highlights – (KRONO, BAHVEST)

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KRONO (Close Position @ RM0.660)

  • KRONO fell 4.0 sen (-5.71%) to close at RM0.660 yesterday.
  • Since our ‘Trading Buy’ call earlier this August, the share rallied to a high of RM0.810. However, it failed to break above its resistance of RM0.820 and saw a gradual decline thereafter.
  • Key momentum indicators such as the MACD and RSI are showing negative signals, indicating a loss of momentum with the share price breaking below its ascending triangle formation decisively.
  • We decide to close position for now. Traders can consider selling on any near-term strength towards RM0.720 (R1).
  • Conversely immediate support levels are RM0.640 (S1) and further down at RM0.600 (S2).

BAHVEST (Close Position @ RM1.08)

  • Following our “Trading Buy” call on BAHVEST in July 2018, the share rallied for a short moment and attempted to break past the RM1.40 resistance level.
  • However, the bullish run was not sustained as the share quickly went into a downtrend.
  • Overall technical picture is looking bearish with all key technical indicators in negative mode. More notably, the 100-day SMA had recently crossed above the 20-day SMA.
  • Thus, we choose to close position for now. Traders could sell on strength towards the RM1.15 (R1) or even RM1.20 (R2). Conversely, we may position for a re-entry if it falls further to the RM1.00 (S1) and RM0.850 (S2) levels.

Source: Kenanga Research - 13 Sept 2018

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Related Stocks

Chart Stock Name Last Change Volume 
KRONO 0.59 +0.005 (0.85%) 2,822,200 
BAHVEST 0.675 +0.015 (2.27%) 7,137,700 

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