Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 15 Nov 2019, 10:29 AM


Daily technical highlights – (JAKS, WCEHB)

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Daily technical highlights – (JAKS, WCEHB)

JAKS (Not Rated)

  • JAKS fell 1.5 sen (-1.52%) to end at RM0.975, yesterday.
  • Chart-wise, the share has been on a rally since early-October 2019 after 5-6 months of consolidation and is currently trending above all key SMAs.
  • However, given heavily overbought signals from RSI, we believe a consolidation phase (RM0.955-RM1.02) is likely to happen in the near term.
  • Key support levels can be identified at RM0.955 (S1) and RM0.910 (S2). Conversely, resistance levels can be found at RM1.02 (R1) and RM1.09 (R2).

WCEHB (Not Rated)

  • WCEHB fell 1.5 sen (-3.53%) yesterday to close at RM0.410.
  • The share plunged after breaking below its previous support level of RM0.470. However, we opine that the decline away from its key SMAs is too steep and that a technical rebound should happen soon.
  • We also note the formation of a “bullish pin bar” yesterday, signifying buying interest. Heavily oversold signals from RSI and stochastic seem to corroborate our view as well.
  • Should a technical rebound happen, we look towards RM0.425 (R1) and RM0.470 (R2) as the resistance levels.
  • On the other hand, any further downside should see support at RM0.390 (S1) and RM0.355 (S2)

Source: Kenanga Research - 16 Oct 2019

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Related Stocks

Chart Stock Name Last Change Volume 
JAKS 1.30 -0.06 (4.41%) 31,540,800 
WCEHB 0.385 +0.04 (11.59%) 10,076,300 

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