Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Mon, 18 Feb 2019, 09:55 AM


Daily Technical Highlights – (SRIDGE, CARING)

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SRIDGE (Not Rated)

  • SRIDGE climbed 0.5 sen (+2.04%) to end at RM0.250.
  • Chart-wise, trend line is bullish since early July, with the share currently hovering above 50-day and 100-day SMAs.
  • However, we think the share is due for a retracement soon given that it failed to overcome heavy selling pressure around the RM0.250 resistance level. Given the downward trending of MACD below the signal line, the share may be on course for a bearish move.
  • Should momentum taper off, downside support can be identified at RM0.230 (S1) and 0.200 (S2) further down.
  • Meanwhile, should buying momentum picks up, we expect the share to advance towards RM0.285 (R1) and RM0.317 (R2).

CARING (Not Rated)

  • CARING gained 4.0 sen (+2.44%) to close at RM1.68 yesterday.
  • Yesterday’s bullish candlestick saw it broke past key SMAs, possibly indicating a continued bullish move ahead.
  • Moreover, encouraging momentum readings are indicated by meaningful upticks in the RSI and stochastic as well as bullish MACD above signal line.
  • We look towards RM1.74 (R1) with a decisive breakout will see the share advancing towards RM1.83 (R2).
  • Conversely, immediate support can be at RM1.50 (S1), and further down at RM1.45 (S2)

Source: Kenanga Research - 26 Oct 2018

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Related Stocks

Chart Stock Name Last Change Volume 
SRIDGE 0.30 -0.005 (1.64%) 1,793,300 
CARING 2.00 0.00 (0.00%) 83,500 

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