Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 6 Dec 2019, 5:41 PM


Daily Technical Highlights – (MASTER, UTDPLT)

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MASTER (Not Rated)

  • Yesterday, MASTER jumped 21.0 sen (+12.10%) to close at RM1.94.
  • Chart-wise, the share has been on a rally after a long period of consolidation. Yesterday’s candlestick formed the fourth consecutive long bullish candlestick which led the share to surge to a nine-year high.
  • While the underlying uptrend appears to be intact, we believe that there could be some profit-taking activities over the next few trading days as the RSI and Stochastic are in the heavily overbought zone.
  • From here, the share may temporarily retrace back to its supports at RM1.70 (S1) and RM1.50 (S2).
  • Conversely, resistance levels can be found at RM2.10 (R1) and RM2.20 (R2).

UTDPLT (Not Rated)

  • UTDPLT gained 32.0 sen (+1.30%) to close at RM25.82 yesterday.
  • Chart-wise, the share appears to be bottoming-out from its sell-down that started in early October. Notably, yesterday’s candlestick closed with a long bullish “Marubozu Candlestick”, while its short term SMAs is in midst of a “Golden-Cross” position.
  • Coupled with positive upticks from key momentum indicators, we believe that the rally could continue.
  • Look out for immediate resistance at RM26.00 (R1), where a break above would see the stock head higher towards RM26.60 (R2).
  • On the other hand, downside supports can be identified at RM24.70 (S1) and RM24.20 (S2).

Source: Kenanga Research - 19 Nov 2019

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Related Stocks

Chart Stock Name Last Change Volume 
MASTER 2.62 -0.01 (0.38%) 980,700 
UTDPLT 26.10 +0.10 (0.38%) 1,005,000 

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