Highlights

RHB Retail Research

Author: rhboskres   |   Latest post: Fri, 15 Jan 2021, 6:18 PM

 

FCPO - Testing The Support Level

Author: rhboskres   |  Publish date: Fri, 15 Jan 2021, 6:18 PM


Maintain short positions. The FCPO saw a huge sell-off on Thursday, plunging MYR165.00 to settle at MYR3,527. The commodity started with a negative opening, gapping MYR46.00 lower to start at MYR3,646. After briefly testing the day’s high of MYR3,654, the bulls shied away from the market, and sparked the sell-off towards the day’s low of MYR3,490. Before the session closed, it recouped some losses and last traded at MYR3,530. Based on the latest price action, it rebounded off the current support level of MYR3,524. Meanwhile, the average trading range (ATR) of the last 10 sessions rose to MYR70.00. If we projecting 1x ATR from the latest close of MYR3,527, we may estimate the lower support at MYR3,457. With the RSI trending below 50%, it is very unlikely the commodity will rebound towards the resistance by the end of 15 Jan’s session. Note that the third-month futures contract will shift over to the Apr 2021 contract this Monday. Underpinning bearish sentiment, we maintain a negative trading bias.

We recommend that traders remain in short positions. Our short positions were initiated at MYR3,695, or the closing level of 12 Jan. To manage risks, a stop-loss can be set above the MYR3,740 mark.

The immediate support is marked at MYR3,524, followed by MYR3,457. On the upside, the immediate resistance is pegged at MYR3,740 – this is followed by a higher resistance of MYR3,800.

Source: RHB Securities Research - 15 Jan 2021

  Be the first to like this.
 

FKLI - Capping By Resistance

Author: rhboskres   |  Publish date: Fri, 15 Jan 2021, 6:17 PM


Maintain long positions. Despite being capped by the upside resistance, the FKLI added 0.50 pts to close at 1,637 pts yesterday. Following a rally on Wednesday, the index gapped 1.5 pts higher to open at 1,638 pts. During the first half of the session, the index rose higher to touch the ceiling at 1,649 pts. However, selling pressure emerged in the afternoon, dragged it towards the day’s low of 1,633. The latest session saw a bearish Shooting Star forming near the resistance of 1,650 pts. We think the bulls were merely trimming positions after a strong rally on Wednesday. Nonetheless, the uptrend structure is intact – in previous sessions, the index saw strong buying interest near the 50- day SMA line. As such, it should be a shallow correction ahead. With the RSI trending above the 50% threshold, expect to see the index retest the resistance soon after the correction. As long as the downside stop-loss remains intact, we maintain a positive trading bias.

We recommend that traders maintain long positions. We initiated these at 1,630.5 pts, or the closing level of 8 Jan. To manage downside risks, a stop loss can be set below the immediate support, ie 1,603.5 pts.

The immediate support is kept at 7 Jan’s high of 1,603.5 pts, followed by 6 Jan’s low of 1,586 pts. Towards the upside, the resistance is pegged at 1,650 pts, followed by 29 Dec’s high of 1,655.5 pts.

Source: RHB Securities Research - 15 Jan 2021

  Be the first to like this.
 

Trading Stocks - Kelington Group

Author: rhboskres   |  Publish date: Fri, 15 Jan 2021, 6:15 PM


Kelington formed a fourth consecutive white candle yesterday, on strong volume – as it tried to break out from a 6-week trading range. Should the stock manage to break away from the multiweek trading range by pushing upwards past MYR1.90, this could lead to it testing the MYR2.00 and MYR2.20 resistance points. A downside breach of MYR1.80 would negate this positive bias.

Source: RHB Securities Research - 15 Jan 2021

Labels: KGB
  Be the first to like this.
 

Trading Stocks - D&O Green Technologies

Author: rhboskres   |  Publish date: Fri, 15 Jan 2021, 6:15 PM


D&O Green Technologies has been developing a sideways consolidation phase over the past 1.5 weeks on strong volume. Towards the upside, if the stock is able to break away from this consolidation zone by crossing above the MYR2.56 resistance, it may swing towards the MYR2.80 and MYR3.00 resistance points. A downside breach of MYR2.40 would negate this positive price expectation.

Source: RHB Securities Research - 15 Jan 2021

Labels: D&O
  Be the first to like this.
 

Trading Stocks - Evergreen Fibreboard

Author: rhboskres   |  Publish date: Fri, 15 Jan 2021, 6:13 PM


Evergreen Fibreboard has been showing signs of developing a minor consolidation below the MYR0.445 threshold, a level that coincides with the multi-week downtrend and 21-day SMA lines. An upside breach of MYR0.445 could see the stock extend its rebound, with the next resistance levels set at MYR0.48 and MYR0.52. A downside breach of the MYR0.415 support would negate this expectation.

Source: RHB Securities Research - 15 Jan 2021

Labels: EVERGRN
  Be the first to like this.
 

Trading Stocks - Duopharma Biotech

Author: rhboskres   |  Publish date: Fri, 15 Jan 2021, 6:11 PM


Duopharma Biotech broke out from its multi-session congestion area around the 21-day SMA line on strong volume – indicating the stock may be extending its rebound. A positive bias is expected above MYR3.50, with resistance levels pegged at MYR3.85 and MYR4.15. A downside breach of MYR3.50 would cancel this positive price forecast.

Source: RHB Securities Research - 15 Jan 2021

Labels: DPHARMA
  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Stock Screener using Technical and Fundamental criteria
MQ Affiliate
Join the MQ Affiliate Program today to earn rewards
 
 

564  409  601  26 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 TRIVE-OR 0.0050.00 
 QES 0.38+0.04 
 KSTAR 0.21-0.045 
 DNEX 0.26+0.005 
 BIOHLDG 0.30+0.04 
 DYNACIA 0.120.00 
 LAMBO 0.030.00 
 MCLEAN 0.325+0.095 
 AT 0.180.00 
 VSOLAR 0.040.00 

FEATURED POSTS

1. The Equity Market Index Benchmark in Malaysia CMS
2. Trading Scenarios of Derivatives Bursa Derivatives Education Series
3. Derivatives 101 Bursa Derivatives Education Series
4. Why Trade FKLI? Bursa Derivatives Education Series
5. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!
PARTNERS & BROKERS