Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 3 Apr 2020, 11:03 AM


Daily Technical Highlights – (SCGM,GDB)

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SCGM (Not Rated)

  • SCGM rose 10.0 sen (+6.62%) to close at RM1.61 yesterday.
  • Chart-wise, the stock has experienced a decline early-February this year and found support at its 100-Day SMA before resuming its uptrend.
  • Yesterday bullish “Marubozu” candlestick broke through the 50-Day SMA, indicating strong buying interest. Given the uptick in key technical indicators and bullish MACD cross over, we expect the uptrend to persist.
  • Should the buying momentum persist, key resistance levels are seen at RM1.70 (R1) and RM1.80 (R2).
  • Conversely, key support levels can be seen at RM1.50 (S1) and RM1.40 (S2).

GDB (Not Rated)

  • GDB was up by 6.5 sen (+9.70%) to finish at RM0.735 yesterday.
  • Chart-wise, the stock has been trending upwards since last year September, backed by strong buying momentum.
  • Yesterday candlestick continues to close higher with the formation of a “Marubozu” candlestick, signifying strong buying interest. Given that all key SMAs appear to be healthy, we believe the buying momentum would persist.
  • From here on, resistance can be identified at RM0.785 (R1) and RM0.820 (R2).
  • Conversely, its support levels can be identified at RM0.700 (S1) and RM0.625 (S2).

Source: Kenanga Research - 18 Feb 2020

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Labels: SCGM, GDB

Related Stocks

Chart Stock Name Last Change Volume 
SCGM 1.24 -0.04 (3.12%) 1,526,300 
GDB 0.50 -0.015 (2.91%) 1,842,500 

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