Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Mon, 17 Feb 2020, 9:56 AM


Daily technical highlights – (QES, KHEESAN)

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QES (Not Rated)

  • QES gained 0.5 sen (+1.49%) to close at RM0.340, on the back of above-average trading volume.
  • This week has seen QES under-go a retracement after an exceptional rally since mid-July. Yesterday’s candlestick formed a “dragonfly doji” which signifies buying interest. Notably, this bullish reversal candlestick pattern appeared on its 20-day SMA, which acts in confluence to signify buying interest. We also note that QES managed to close positive amidst the sell-down in the market.
  • We expect buying interest to continue to bring the share towards RM0.350 (R1) and RM0.370 (R2). Conversely, immediate support can be identified at RM0.330 (S1), near its 20-day SMA and RM0.300 (S2), its previous resistance turned support.

KHEESAN (Not Rated)

  • KHEESAN closed at RM0.595 yesterday, with a bullish “Marubozu” candlestick formed.
  • Technical chart indicates a downtrend breakout, potentially to signal the share price has bottomed out and now poised for a recovery.
  • From here, expect KHEESAN to punch through its 100-day SMA at RM0.600 (R1).Should this level be taken out, next resistance level to target is RM0.635 (R2).
  • Immediate downside support can be found at RM0.545 (S1), where a break below is deemed highly negative.

Source: Kenanga Research - 11 Oct 2018

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Related Stocks

Chart Stock Name Last Change Volume 
QES 0.195 +0.005 (2.63%) 2,598,000 
KHEESAN 0.415 -0.015 (3.49%) 6,145,900 

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