Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Thu, 25 Apr 2019, 9:00 AM


Daily Technical Highlights – (JHM, MALAKOF)

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JHM (Not Rated)

  • JHM rose 9.0 sen (+8.11%) to close at RM1.20 yesterday.
  • Chart-wise, the share has broken above its 20-day SMA, which could signal a continuation rally. Notably, yesterday saw a long bullish candlestick signifying strong buying momentum. Coupled with its 50 and 100-day SMA in a possible “GoldenCross” formation, there could be more upside.
  • Should buying momentum continue, we expect the share to test its resistance at RM1.22 (R1) and further ahead at RM1.40 (R2).
  • Conversely, downside supports can be found at RM1.13 (S1) and RM1.03 (S2).

MALAKOF (Not Rated)

  • MALAKOF gained 5.5 sen (+6.11%) to close at RM0.955 yesterday on the back of stronger-than-average trading volume with 12.1m shares exchanging hand, almost doubled it 20-day average.
  • Yesterday’s move resulted in a decisive breakout from its RM0.940 prior resistance level; to signal more potential upside ahead.
  • Momentum indicators are seemingly bullish with MACD in bullish crossover while RSI and Stochastic continuing its upward movement.
  • Should it manage to decisively break above the RM1.00 (R1) resistance, we expect for next advancement towards RM1.10 (R2).
  • Conversely, downside risks are identified at RM0.875 (S1) support level and RM0.800 (S2).

Source: Kenanga Research - 19 Mar 2019

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Related Stocks

Chart Stock Name Last Change Volume 
JHM 1.35 +0.02 (1.50%) 4,205,100 
MALAKOF 0.90 -0.005 (0.55%) 2,126,900 

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