Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Thu, 23 Jan 2020, 9:15 AM


Daily technical highlights – (QL, SCIENTX)

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Daily technical highlights – (QL, SCIENTX)

QL (Not Rated)

  • QL rose 12.0 sen (+1.60%) to close at RM7.53.
  • Technically, the stock has been trending sideways for a nine-month period since early this year, coupled with thinner trading volume.
  • However, the stock started a rally in early September and its recent share price movement saw it breaking above all key SMAs along with yesterday’s formation of a white “Marubozu” candlestick.
  • We believe the stock is likely to continue its rally and test its immediate resistance at RM7.70 (R1), where a break above could push the stock towards its next resistance at RM8.00 (R2).
  • Should there be negative news flows, its downside supports can be identified at RM6.70 (S1) and RM6.00 (S2).

SCIENTX (Not Rated)

  • SCIENTX gained 10.0 sen (+1.10%) to close at RM9.43 yesterday.
  • Chart-wise, the trend line has been bullish since September, with the stock currently closing above all key SMAs. Moreover, we observe a breakout from the recent bullish flag pattern, signalling a continuation of the upward trend.
  • Momentum indicators are mostly leaning on the upside-bias as displayed by the strong upwards movement in the MACD, RSI and Stochastic.
  • Should the buying momentum sustain, we expect the stock to advance towards RM9.80 (R1) and RM10.00 (R2).
  • Conversely, its immediate support levels can be seen at RM8.90 (S1) and RM8.60 (S2).

Source: Kenanga Research - 11 Dec 2019

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Related Stocks

Chart Stock Name Last Change Volume 
QL 8.17 -0.08 (0.97%) 156,700 
SCIENTX 9.21 -0.02 (0.22%) 47,000 

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