Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Tue, 25 Jun 2019, 10:52 AM


Daily Technical Highlights – (PIE, AMBANK)

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PIE (Not Rated)

  • Last night, PIE gained 5.0 sen (+3.45%) to close at RM1.50.
  • The gain was in tandem with the overall positive market sentiment as shown by gains in both FBMKLCI (+0.56%) and KL Technology Index (+2.85%).
  • Despite the gain, near-term technical outlook does not display any prominent sign of a bullish run yet. Moreover, the stochastic indicator is in the oversold zone.
  • The share is likely to retrace back to its support levels of RM1.35 (S1) and RM1.25 (S2).
  • Should market sentiment continue to improve, resistances can be found at RM1.65 (R1) and RM1.80 (R2).

AMBANK (Not Rated)

  • AMBANK rose 24.0 sen (+5.53%) to close at RM4.58 on the back of stronger trading volume with 5.5m share exchanging hand, almost doubled its 20-day average.
  • The share has been on an uptrend since late-October with yesterday’s move resulting in a formation of bullish “Marubozu” candlestick, potentially suggesting that buying momentum is yet to be over.
  • Thus, should positive momentum continues, we expect the share to find overhead resistance at RM4.66 (R1) and RM4.90 (R2).
  • Conversely, immediate downside supports can be found at RM4.31 (S1) and RM4.18 (S2) further down.

Source: Kenanga Research - 8 Jan 2019

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Related Stocks

Chart Stock Name Last Change Volume 
PIE 1.29 -0.01 (0.77%) 21,900 
AMBANK 4.30 +0.05 (1.18%) 1,925,300 

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