Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Wed, 11 Dec 2019, 9:27 AM


Daily Technical Highlights – (CIMB, HLIND)

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CIMB (Not Rated)

  • CIMB declined by 9.0 sen (-1.70%) to end at RM5.20 yesterday.
  • Chart-wise, the share has since been trending downwards since the formation of a “Death Cross” in March 2019.
  • We observed that CIMB could be entering into a retracement phase after a short rally since early October. Therefore we believe there may be more downsides as the RSI remains lacklustre after coming off from overbought levels.
  • From here onwards, overhead resistance can be found at RM5.40 (R1) and RM5.60 (R2).
  • Meanwhile, downside supports can be seen at RM5.10 (S1) and RM4.90 (S2).

HLIND (Not Rated)

  • HLIND fell 24.0 sen (-2.30%) to close at RM10.36 yesterday.
  • Yesterday’s close saw a bearish candlestick which marked the third consecutive bearish candlestick, indicating strong selling momentum.
  • Coupled with a bearish MACD Crossover and shorter-term SMAs trading below longer-term SMAs, we thus expect the downtrend to persist.
  • With that, key support levels can be seen at RM10.10 (S1) and RM9.80 (S2).
  • Conversely, resistance levels can be found at RM10.70 (R1) and RM11.00 (R2).

Source: Kenanga Research - 14 Nov 2019

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Related Stocks

Chart Stock Name Last Change Volume 
CIMB 5.17 +0.03 (0.58%) 1,608,100 
HLIND 10.14 +0.16 (1.60%) 20,500 

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