Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Thu, 14 Nov 2019, 9:50 AM


Daily technical highlights – (LAYHONG, BAHVEST)

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Daily technical highlights – (LAYHONG, BAHVEST)

LAYHONG (Not Rated)

  • LAYHONG gained 3.0 sen (+6.74%) to end at RM0.475, yesterday.
  • We note the share has recently bounced off its 100-day SMA and could continue its rally. The 20 and 100 day SMAs are in a “Golden-Cross” formation indicating a shift in trend.
  • Coupled with a bullish crossover signal from MACD indicator, we believe the share could be poised to head higher.
  • Key resistance levels to look out for are RM0.490 (R1) and RM0.530 (R2). Conversely, support levels can be identified at RM0.445 (S1) and RM0.415 (S2).

BAHVEST (Not Rated)

  • BAHVEST gained 6.0 sen (+13.04%) yesterday to close at RM0.520.
  • The share has recently broken below its 100-day SMA. However, we note the formation of a candlestick with a long lower wick signifying returning buying interest.
  • We make reference a similar event in December 2018 when the share broke below its 100-day SMA and rebounded. As such, we believe that there could be a technical rebound soon.
  • Key resistance levels to keep an eye on are RM0.570 (R1) and RM0.635 (R2) as the resistance levels.
  • On the other hand, any further downside should see support at RM0.515 (S1) and RM0.460 (S2).

Source: Kenanga Research - 18 Oct 2019

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Related Stocks

Chart Stock Name Last Change Volume 
LAYHONG 0.505 +0.01 (2.02%) 2,237,400 
BAHVEST 0.50 -0.005 (0.99%) 2,544,000 

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