Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 13 Dec 2019, 9:38 AM


Daily Technical Highlights – (SALCON,MYEG)

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SALCON (Not Rated)

  • SALCON rose by 1.5 sen (+5.56%) yesterday to close at RM0.285 on stronger-than-average trading volume.
  • The share is bullish as shown by the formation of two “Golden Cross” as the 20 and 50-day SMAs crossed above the 100- day SMA.
  • Coupled with a bullish MACD crossover that occurred this month, the share is likely to pose more upside movements.
  • Expect the share to test resistance at RM0.315 (R1) and RM0.335 (R2).
  • Conversely, downside supports can be found at RM0.260 (S1) and RM0.240 (S2).

MYEG (Not Rated)

  • MYEG declined by 2.0sen (-1.55%) to close at RM1.27.
  • The share has been facing downward pressure since late September; however buying interest resumed in mid-December and brought the share to trade above its 20-day SMA.
  • Notably, momentum indicators are leaning towards an upside bias with the potential formation of a “Golden Cross”, as the 20- day SMA continues trending upwards.
  • From here, should buying momentum persist, we expect the share to advance towards RM1.40 (R1) and RM1.60 (R2).
  • Conversely, downside risks are identified at RM1.15 (S1) support level and RM1.05 (S2).

Source: Kenanga Research - 14 Mar 2019

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Chart Stock Name Last Change Volume 
SALCON 0.215 +0.005 (2.38%) 735,900 
MYEG 1.16 +0.06 (5.45%) 24,373,300 

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