Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 22 Mar 2019, 9:04 AM


Daily technical highlights – (VELESTO, JAKS)

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VELESTO (Not Rated)

  • VELESTO gained 2.5 sen (+8.93%) yesterday to close at RM0.305 on higher-than-average trading volume.
  • Since February, the share has been on an uptrend in tandem with the formation of two “Golden Cross” as its 20-day SMA crossed above both its 50 and 100-day SMAs.
  • The upticks seen in key momentum indicators might be indicating more upside.
  • Should the buying momentum persist, we believe resistance to be at RM0.340 (R1) and RM0.395 (R2).
  • Conversely, any downside should see support levels at RM0.230 (S1) and RM0.185 (S2).

JAKS (Not Rated)

  • Yesterday, JAKS rose by 2.5 sen (+3.31%) to close at RM0.780.
  • Chart-wise, the share began to recover since the end of last year and eventually broke past the previous downtrend in March 2019 on the back of stronger-than-average trading volume.
  • Notably, the share is currently trading above all its SMAs as it closed above its 100-day SMA five days ago, signalling strong buying interest.
  • From here, follow through buying may bring the share to meet resistance at RM0.935 (R1) and RM1.080 (R2)
  • However, failure to do so, the share may find support at RM0.635 (S1) and RM0.530 (S2) further down.

Source: Kenanga Research - 13 Mar 2019

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Related Stocks

Chart Stock Name Last Change Volume 
VELESTO 0.30 +0.005 (1.69%) 17,389,700 
JAKS 0.77 0.00 (0.00%) 2,170,000 

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