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Author: rakutentrade   |   Latest post: Fri, 6 Dec 2019, 10:52 AM

 

Technical View - Cypark Resources Bhd (CYPARK, 5184)

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Cypark Resources Bhd (5184)

• CYPARK gained 2.94% or 4 sen to RM1.40 yesterday.

• Yesterday’s close saw a breakout from its key 50-day moving average on the back of a bullish key momentum indicator, MACD. Given the positive market sentiment on renewable energy incentives given to solar energy companies during Budget 2020, Cypark being a key beneficiary should see share price to trend higher towards the RM1.50 level.

• From here, resistance levels are expected at RM1.45 (R1) and RM1.55 (R2).

• On the flip side, downside supports levels are seen at RM1.26 (S1) and RM1.23 (S2).

Source: Rakuten Research - 15 Oct 2019

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Labels: CYPARK

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