Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Thu, 23 May 2019, 9:08 AM


Daily Technical Highlights – (HSSEB, SCOMNET)

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HSSEB (Not Rated)

  • HSSEB gained 6.0 sen (+5.61%) to close at RM1.13 last night.
  • The past two trading weeks saw heavy sell down in the share, with losses made up to 11%.
  • We think that a rebound might be at play given that yesterday’s move saw it bounce back up from the 100-day SMA. Previously, there was a similar rebound back in February 2019 after it touched the 100-day SMA.
  • Should it continue to trend upwards, resistances can be found at RM1.30 (R1) and RM1.40 (R2).
  • Conversely, immediate support can be found at RM1.00 (S1), which is where the 100-day SMA is hovering at. Further downside support is at RM0.900 (S2).

SCOMNET (Not Rated)

  • SCOMNET gained 5.0 sen (+5.99%) to close at RM0.885.
  • Past two days movements were bullish and was backed by strong trading volume.
  • Momentum indicators are also in a bullish convergence, making us believe that there is more possible upward movement.
  • From here, expect the share to test immediate resistance at RM0.920 (R1) where a break above R1 would see next resistance at RM1.00 (R2).
  • Failing to break R1 would then see supports at RM0.820 (S1) and even RM0.750 (S2)

Source: Kenanga Research - 19 Apr 2019

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Related Stocks

Chart Stock Name Last Change Volume 
HSSEB 0.995 -0.025 (2.45%) 244,800 
SCOMNET 0.875 -0.01 (1.13%) 468,600 

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