Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Wed, 26 Feb 2020, 10:11 AM


Daily Technical Highlights – (HIBISCS, VELESTO)

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HIBISCS (Not Rated)

  • HIBSCS rose 6.5sen (+6.53%) to close at RM1.06 yesterday.
  • The share has been on a downtrend since early-October 2018 but managed to gain strong buying interest during midDecember, which saw a rally thereafter.
  • Yesterday’s long bullish candlestick saw it punched through the 100–day SMA. Coupled with an above-average volume at 72.6m, we believe the share price could trend higher.
  • Should the buying momentum persist, we expect HIBISCS to find resistance at RM1.12 (R1) and RM1.17 (R2).
  • Immediate supports can be found at RM0.958 (S1) and RM0.885 (S2).

VELESTO (Not Rated)

  • Yesterday, VELESTO gained 1.0 sen (+4.65%) to close at RM0.225.
  • The share rallied over the past two days likely due to investors’ optimism towards the announcement made by VELESTO regarding a contract extension.
  • Chart-wise, the past two days rally saw it broke above the 20- and 50-day SMAs and is looking forward to test the 100-day SMA.
  • If the share price can stay above the 100-day SMA, we may see it rally further towards RM0.265 (R1) and possibly RM0.290 (R2).
  • Downside supports, on the other hand, can be found at RM0.185 (S1) and RM0.165 (S2)

Source: Kenanga Research - 15 Feb 2019

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Related Stocks

Chart Stock Name Last Change Volume 
HIBISCS 0.865 -0.015 (1.70%) 1,751,600 
VELESTO 0.34 0.00 (0.00%) 12,536,000 

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