Highlights

Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 29 May 2020, 9:59 AM

 

Daily technical highlights – (PENTA, VITROX)

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PENTA (Not Rated)

  • PENTA gained 10.0 sen (2.96%) to close at RM3.48.
  • The share has been on a rally since early-January followed by three bullish candlesticks that pierced through 20-Day SMA.
  • We believe the bullish trend remains intact with the appearance of a “Marubozu” candlestick yesterday, coupled with the above-average trading volume at 2.25m.
  • Should buying momentum persist, we expect the share to advance towards RM3.60 (R1) and RM3.85 (R2).
  • Conversely, downside risks are identified at RM3.25 (S1) and RM2.96 (S2).

VITROX (Not Rated)

  • VITROX gained 15.0 sen (+2.14%) yesterday to close at RM7.17.
  • Yesterday’s move saw the share broke above the 100-day SMA, possibly indicating more upside potential.
  • Moreover, yesterday’s move was also backed by higher-than-average trading volume.
  • From here, follow-through buying momentum will see the share test its immediate resistance at RM7.50 (R1) with the next resistance identified at RM8.00 (R2).
  • Conversely, downside supports are found at RM6.50 (S1) and RM5.70 (S2).

Source: Kenanga Research - 5 Mar 2019

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Labels: PENTA, VITROX

Related Stocks

Chart Stock Name Last Change Volume 
PENTA 5.13 +0.54 (11.76%) 8,527,800 
VITROX 8.60 +0.50 (6.17%) 953,900 

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