Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Mon, 18 Mar 2019, 09:05 AM


Daily technical highlights – (DUFU, HIBISCS)

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DUFU (Not Rated)

  • DUFU gained 6.0 sen (+2.31%) to close at RM2.66 yesterday.
  • The share has been on an uptrend since early-August with it trading above all key SMAs.
  • However, we believed that DUFU may retrace soon as RSI and stochastic indicators are near the overbought level coupled with lower trading volume.
  • From here, the share may retrace back to its immediate support levels at RM2.50 (S1) and RM2.25 (S2).
  • Conversely, overhead resistance level can be found at RM2.70 (R1) and RM3.00 (R2).

HIBISCS (Not Rated)

  • HIBISCS declined by 4.0 sen (-3.60%) to end at RM1.07 yesterday.
  • From October to November 2018, the share has been on a downtrend, in tandem with the decline of crude oil prices globally.
  • Currently, the overall technical outlook still appears bearish despite the MACD line has crossed above the signal line with the 20 and 100-day SMAs appears to be providing support to the share.
  • Should there be a positive news flow or strong sign of recovery in crude oil price, we expect it to test its immediate resistance at RM1.15 (R1) while a break above will see next resistance at RM1.35 (R2).
  • Conversely, downside supports can be identified at RM0.945 (S1) and RM0.765 (S2).

Source: Kenanga Research - 6 Dec 2018

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Related Stocks

Chart Stock Name Last Change Volume 
DUFU 1.62 -0.02 (1.22%) 2,103,400 
HIBISCS 1.04 -0.01 (0.95%) 14,423,700 

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