Highlights

RHB Retail Research

Author: rhboskres   |   Latest post: Fri, 15 Mar 2019, 5:09 PM

 

FKLI - Still Looking Weak

Author: rhboskres   |  Publish date: Fri, 15 Mar 2019, 5:09 PM


Maintain short positions as the bias for a further retracement remains strong. Yesterday, the FKLI ended its prior two sessions’ mild rebound, shedding 6.5 pts to close at 1,670.5 pts. It generally slid lower, and recorded a high and low of 1,680 pts and 1,667 pts. Overall, there were no price signals to suggest that the retracement leg – which started from the recent failed attempt to breach above 1,729 pts – has ended. Instead, the prior two sessions’ price rebound can be taken as a minor consolidation, before the retracement is resumed. We maintain our negative trading bias on the index.

As technical evidence indicates that the bears are still in control of the market, we continue to recommend that traders maintain short positions. These were initiated at 1,698 pts, the closing level of 1 Mar. To manage risks, a stop-loss can be placed above 1,729 pts.

Immediate support is maintained at 1,631.5 pts, the low of 18 Dec 2018, followed by 1,600 pts. Conversely, immediate resistance is expected at 1,729 pts, the high of 8 Nov. This is followed by 1,749.5 pts, the high of 17 Oct 2018.

Source: RHB Securities Research - 15 Mar 2019

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FCPO - Immediate Support Gives Way

Author: rhboskres   |  Publish date: Fri, 15 Mar 2019, 5:08 PM


Maintain short positions on a bearish market. The FCPO decreased by MYR28 and closed at MYR2,063 yesterday, ie below the previous immediate support of MYR2,071. The intraday tone was negative as it generally trended lower, while the high and low were at MYR2,090 and MYR2,051. The commodity’s retracement leg that started from the high of MYR2,344 on 7 Feb is still in progress – after a short-lived attempt to rebound recently (which saw it briefly testing the 200-day SMA line on 4 Mar). While its Daily RSI is now approaching an oversold reading and it has filled 17 Dec 2018’s “Upside Gap”, in the absence of a price rebound signal, we maintain our negative trading bias.

As the retracement leg is not showing signs of reaching an interim low, we continue to recommend that traders stay in short positions. These were initiated at MYR2,089, the closing level of 13 Mar. To manage risks, a stoploss can be placed above MYR2,158.

The immediate support is revised to MYR1,940, the low of 27 Nov 2018. This is followed by MYR1,900, a round figure. Moving up, the immediate resistance is set at MYR2,115, the low of 28 Feb. This is followed by MYR2,217, the high of 4 Feb.

Source: RHB Securities Research - 15 Mar 2019

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Trading Stocks - Press Metal Aluminium

Author: rhboskres   |  Publish date: Fri, 15 Mar 2019, 4:58 PM


Press Metal Aluminium may rise higher after it formed a fourth consecutive white candle. The 21-day SMA line is now likely to turn upwards, suggesting additional strength may be present in the coming sessions. A bullish bias may emerge above the MYR4.46 level, with an exit set below the MYR4.20 threshold. Towards the upside, the immediate resistance is at MYR4.67. This is followed by the MYR4.85 level.

Source: RHB Securities Research - 15 Mar 2019

Labels: PMETAL
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Trading Stocks - Hiap Teck Venture

Author: rhboskres   |  Publish date: Fri, 15 Mar 2019, 4:58 PM


Hiap Teck Venture was testing the MYR0.315 level in its latest session. A bullish bias may be present above this point with a target price of MYR0.35, followed by MYR0.38. The stock may consolidate further if it cannot breach above the MYR0.315 mark in the coming sessions. Support may be found at MYR0.265, where traders can exit upon a breach to limit the downside risk.

Source: RHB Securities Research - 15 Mar 2019

Labels: HIAPTEK
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Trading Stocks - Ucrest

Author: rhboskres   |  Publish date: Fri, 15 Mar 2019, 4:57 PM


Ucrest was testing the MYR0.28 level in its latest session. A bullish bias may be present above this point with a target price of MYR0.30, followed by MYR0.315. The stock may take a breather if it cannot breach above the MYR0.28 threshold decisively in the near term. Support may be found at MYR0.24, where traders can exit upon a breach to minimise the downside risk.

Source: RHB Securities Research - 15 Mar 2019

Labels: UCREST
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Trading Stocks - Lay Hong

Author: rhboskres   |  Publish date: Fri, 15 Mar 2019, 4:56 PM


Lay Hong may rebound higher after it continued holding above the MYR0.40 support. Yesterday’s candle sent the stock to its 2-week high, thereby enhancing the bullish sentiment. A bullish bias may appear above the MYR0.44 level, with an exit set below the MYR0.40 threshold. Towards the upside, the near-term resistance is at MYR0.50. This is followed by the MYR0.575 level.

Source: RHB Securities Research - 15 Mar 2019

Labels: LAYHONG
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