Highlights

Kenanga Research & Investment

Author: kiasutrader   |   Latest post: Fri, 13 Dec 2019, 9:38 AM

 

Daily Technical Highlights – (PETGAS. TGUAN)

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PETDAG (Not Rated)

  • PETDAG slipped 58.0 sen (-2.40%) to close at RM23.58 yesterday.
  • Chart-wise, we observed that PETDAG could be entering into a declining trend after a “Spinning Top” candlestick was formed on Wednesday.
  • Coupled with lacklustre signals from key momentum indicators, we believe the share could potentially head lower.
  • Should selling pressure persist, we expect the share to head lower with support levels identified at RM23.10 (S1) and further below at RM21.20 (R2).
  • Conversely, resistance levels can be seen at RM24.40 (R1) and RM25.20 (R2).

TGUAN (Not Rated)

  • TGUAN rallied 27.0sen (+8.60%) to close at RM3.42, after reporting stronger earnings that exceeded market’s expectations.
  • Despite the near-term technical outlook which is appearing bullish, we believe the recent share price movement was overdone as both RSI and stochastic indicators are in the overbought zone.
  • Hence, we expect the share to retrace over the next few days to its support levels of RM3.10 (S1) and RM2.80 (S2).
  • Conversely, resistance levels can be seen at RM3.60 (R1) and RM3.80 (R2)

Source: Kenanga Research - 22 Nov 2019

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Labels: PETDAG, TGUAN

Related Stocks

Chart Stock Name Last Change Volume 
PETDAG 23.54 -0.24 (1.01%) 2,806,400 
TGUAN 3.58 +0.09 (2.58%) 1,382,900 

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