Highlights

Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Mon, 25 Mar 2019, 12:55 PM

 

Daily Technical Highlights – (PARKSON, TEOSENG)

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PARKSON (Not Rated)

  • PARKSON rose by 2.0 sen (+7.55%) yesterday to close at RM0.285.
  • Chart-wise, the share has broken above all of its key SMAs which could indicate a shift in momentum. Coupled with yesterday’s close that supported above its 100-day SMAs on the back of exceptional trading volume, we believe there could be more upside.
  • Should buying momentum continue, we expect the share to test its resistance at RM0.300 (R1) and further ahead at RM0.325 (R2).
  • Conversely, downside supports can be found at RM0.265 (S1) and RM0.235 (S2).

TEOSENG (Not Rated)

  • TEOSENG advanced by 9.0sen (+7.50%) to close at RM1.29 yesterday.
  • The share has been on a rally since mid-September with shorter-term SMAs trending above longer term SMAs currently.
  • Yesterday’s positive movement suggested a strong buying momentum which resulted in the formation of a “Marubozu Candlestick”. Coupled with positive upticks in the key technical indicators, we reckon the share could potentially trend higher.
  • From here, we expect the share to further rally towards RM1.32 (R1) and RM1.40 (R2).
  • Conversely, downside risks are identified at RM1.23 (S1) support level and RM1.16 (S2).

Source: Kenanga Research - 15 Mar 2019

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Labels: PARKSON, TEOSENG

Related Stocks

Chart Stock Name Last Change Volume 
PARKSON 0.255 -0.005 (1.92%) 1,377,200 
TEOSENG 1.24 -0.01 (0.80%) 513,300 

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