Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Thu, 12 Dec 2019, 9:34 AM


Daily Technical Highlights – (KLK, JAKS)

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KLK (Not Rated)

  • KLK gained 32.0 sen (+1.40%) to end at RM22.52.
  • In early October, the share took a dip and trended below all key SMAs before starting the recent steady uptrend. Yesterday’s bullish engulfing candlestick showed positive signals that a reversal might happen soon.
  • Furthermore, we believe the rally could persist given that upticks in key momentum indicators as they have bounced off from the oversold levels.
  • From here, expect the share to test its overhead resistance at RM22.90 (R1) and RM23.40 (R2).
  • Meanwhile, downside supports can be seen at RM21.60 (S1) and RM21.30 (S2).

JAKS (Not Rated)

  • JAKS jumped by 20.0 sen (+17.20%) yesterday to close at RM1.36 on higher-than-average trading volume.
  • Chart-wise, the share has been on a bullish run recently with prices trading above all key SMAs. Yesterday’s candlestick closed with a long bullish “Marubozu Candlestick” to a new high after March 2018.
  • However, we are cautious and do not discount a possibility of a retracement as the RSI and Stochastic are in the heavily overbought zone.
  • Hence, we expect the share to fall back to its support at RM1.15 (S1) and possibly RM0.95 (S2).
  • Should the buying pressure continue, resistances can be found at RM1.45 (R1) and RM1.55 (R2).

Source: Kenanga Research - 15 Nov 2019

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Labels: KLK, JAKS

Related Stocks

Chart Stock Name Last Change Volume 
KLK 24.80 +0.20 (0.81%) 2,900 
JAKS 1.28 0.00 (0.00%) 1,928,800 

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