Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 15 Nov 2019, 10:29 AM


Daily Technical Highlights – (YONGTAI, OCK)

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YONGTAI (Not Rated)

  • YONGTAI declined 1.5 sen (-3.45%) to close at RM0.420 yesterday.
  • Chart-wise, the share has been on a downtrend since breaking below its key SMAs in July-2018. Ever since, the share has never broken above its 50-day SMA. We note that YONGTAI is currently testing its 50-day SMA, which has historically been proven to see some selling pressure.
  • Coupled with near overbought signals from both RSI and Stochastic indicators, we opine that it would be difficult to break above the 50-day SMA.
  • Should buying momentum continue, we expect resistances at RM0.495 (R1) and RM0.600 (R2). Conversely, support levels can be identified at RM0.320 (S1) and RM0.265 (S2).

OCK (Not Rated)

  • OCK gained 2.0 sen (+4.04%) to close at RM0.515 underpinned by stronger-than-average trading volume with 22.9m shares exchanging hand -4 folds to its 20-day average.
  • Based on the technical chart, recent rallies has resulted in a downtrend breakout, potentially to signal the share price has bottomed out and now poised for a recovery.
  • This is further supported by increasingly positive momentum indicators as displayed by the strong upwards trending in the MACD, RSI and Stochastic.
  • A decisive takedown of RM0.530 (R1) resistance level will then see the share to advance towards RM0.610 (R2).
  • Conversely, immediate support can be found at RM0.480 (S1) and RM0.400 (S2).

Source: Kenanga Research - 18 Jan 2019

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Related Stocks

Chart Stock Name Last Change Volume 
YONGTAI 0.20 -0.005 (2.44%) 2,260,800 
OCK 0.585 +0.005 (0.86%) 1,173,100 

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2fast4u thanks for sharing. will keep an eye out for yongtai
18/01/2019 12:01 PM


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