Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Tue, 23 Apr 2019, 9:15 AM


Daily technical highlights – (SENDAI, ORNA)

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SENDAI (Not Rated)

  • SENDAI fell 4.5 sen (-7.50%) yesterday to close at RM0.555 on higher-than-average trading volume.
  • Chart-wise, the share formed a long bearish candlestick which decisively broke below its 20-day SMA after a failed test of its 50-day SMA, which indicates the possibility of a downtrend continuation.
  • Coupled with lacklustre signals from key momentum indicators, we believe the share could potentially head lower.
  • Should selling pressure continue, we believe that RM0.530 (S1) and RM0.455 (S2) should offer some supports.
  • Conversely, any upside should see resistances at RM0.575 (R1) and RM0.660 (R2).

ORNA (Not Rated)

  • ORNA increased by 3.0 sen (+2.91%) to close at RM1.06 yesterday.
  • Technically, yesterday’s bullish candlestick could suggest a trend reversal.
  • Momentum indicators appear encouraging as displayed by the MACD bullish crossover and minor upticks seen in RSI and Stochastic.
  • From here, follow-through buying may bring the share to meet resistance at RM1.10 (R1) with a decisive take down will see the index on a higher note at RM1.20 (R2).
  • However, failure to do so, the share may retreat back to immediate support level RM1.00 (S1) and RM0.880 (S2) further down.

Source: Kenanga Research - 12 Mar 2019

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Related Stocks

Chart Stock Name Last Change Volume 
SENDAI 0.50 -0.015 (2.91%) 4,024,400 
ORNA 1.01 0.00 (0.00%) 147,100 

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