Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Tue, 21 May 2019, 11:18 AM


Daily Technical Highlights – (AIRPORT, TENAGA)

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AIRPORT (Trading Buy, TP: RM7.27; SL: RM6.47)

  • AIRPORT plunged 14.0 sen (-2.07%) to close at RM6.61 yesterday.
  • Chart-wise, the share has been on a steep dive since breaking below the RM7.60 level. We believe that there is a likelihood for a technical rebound, given both of its RSI and stochastic indicators are displaying heavily oversold signals.
  • Should a technical rebound happen, we look towards resistances at RM7.30 (R1) and RM7.59 (R2).
  • Conversely, support levels can be found at RM6.50 (S1) and RM6.06 (S2).

TENAGA (Not Rated)

  • TENAGA tumbled 52.0 sen (-4.13%) yesterday to close at RM12.06.
  • The share seems to be trading within a descending channel since early-Apr 2018. Yesterday’s long bearish candlestick bought the share to the lower trend line and we believe a rebound could happen, aligned with our view of a rebound-play for FBMKLCI index.
  • Key momentum indicators are also displaying oversold signals, leading us to believe a rebound is likely to happen.
  • We look towards resistance levels at RM12.50 (R1) and RM13.20 (R2).
  • Support levels, on the other hand, can be identified at RM11.80 (S1) and RM11.66 (S2).

Source: Kenanga Research - 12 Apr 2019

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Related Stocks

Chart Stock Name Last Change Volume 
AIRPORT 7.03 -0.20 (2.77%) 2,328,000 
TENAGA 11.68 +0.10 (0.86%) 3,091,000 

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