Highlights

RHB Retail Research

Author: rhboskres   |   Latest post: Fri, 23 Jul 2021, 6:13 PM

 

FCPO - Profit-Taking Continues

Author: rhboskres   |  Publish date: Fri, 23 Jul 2021, 6:13 PM


Maintain long positions. The FCPO continued its sideways movement amid profit-taking, falling MYR28.00 to settle at MYR4,121 yesterday. The commodity began Thursday’s session weaker at MYR4,110 and slid to the day’s low of MYR4,074. Buying interest then emerged, and it bounced off in the afternoon session to tap the day’s high of MYR4,145 before closing at MYR4,121. The buying momentum re-emerged near the support level, showing that bulls remain in the driver’s seat – together with the “higher low” structure. With the RSI indicator still trending above 50%, expect the bullish momentum to return after profit-taking activities. If the profit-taking activities continue, the commodity may retrace lower to test the MYR4,000 psychological level. For now, we maintain our bullish trading bias.

We recommend that traders maintain long positions, which were initiated at the close of 13 Jul, or MYR3,977. To manage risks, the trailing-stop is set at MYR4,039.

The immediate support level is at MYR4,065 or 8 Jun’s high, followed by the psychological level of MYR4,000. Towards the upside, the resistance level is set at MYR4,260 (3 Jun’s high) and, subsequently, at MYR4,525 which is 12 May’s high.

Source: RHB Securities Research - 23 Jul 2021

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Trading Stocks - Mestron Holdings

Author: rhboskres   |  Publish date: Fri, 23 Jul 2021, 6:13 PM


Mestron Holdings is resuming its uptrend after it moved higher, breaching the resistance level on improved trading volume yesterday. Held up by the “higher high” bullish pattern above the MYR0.40 immediate support level, we expect the bullish momentum to lift the stock towards the next resistance pegged at MYR0.445, followed by MYR0.46. If the stock falls below the MYR0.39 support, this expectation will be voided.

Source: RHB Securities Research - 23 Jul 2021

Labels: MESTRON
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Trading Stocks - Jaks Resources

Author: rhboskres   |  Publish date: Fri, 23 Jul 2021, 6:13 PM


Jaks Resources is experiencing a technical rebound, as it broke away from its consolidation zone, breaching the immediate resistance of MYR0.505 on strong trading volume. With the “higher high” pattern above the 21-day SMA line, the follow-through momentum is expected to see the stock rising towards the immediate resistance level at MYR0.56, and then the MYR0.59 resistance. Meanwhile, falling below the MYR0.49 support may see the end of the positive momentum.

Source: RHB Securities Research - 23 Jul 2021

Labels: JAKS
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Trading Stocks - Axiata Group

Author: rhboskres   |  Publish date: Fri, 23 Jul 2021, 6:13 PM


Axiata Group staged a technical breakout – away from its sideways consolidation zone – on strong volume yesterday. Amidst trading above the 21-day SMA line, the bullish bias has emerged above the previous breakout level of MYR3.85. If it sustains above the level, the stock will move towards the next resistance pegged at MYR4.09, followed by MYR4.23. Meanwhile, falling below the MYR3.74 support will see the stock reverse its direction.

Source: RHB Securities Research - 23 Jul 2021

Labels: AXIATA
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FKLI - Attempting To Stage a Technical Breakout

Author: rhboskres   |  Publish date: Fri, 23 Jul 2021, 6:13 PM


Maintain short positions. Yesterday, mild buying interest lifted the FKLI by 9.50 pts to its close of 1,523.0 pts – which is still within the sideways consolidation zone capped at 1,525 pts. The index opened at 1,515.0 pts, and rose to close at 1,523 pts after tapping the intraday high of 1,525 pts. As such, the bulls just knocked the bears after forming “bullish engulfing” pattern yesterday – thereby boosting investor sentiment. The RSI indicator, which curved higher yesterday, also indicates that the recent sideways movement is likely to see a breakout in the coming sessions. On the other hand, if the index drops below 1,500 pts, a deep correction may loom ahead. Until it breaks above the immediate resistance, we make no change to our negative trading bias.

Traders should remain in short positions. We initiated these at 1,569.50 pts, or 11 Jun’s close. To control trading risks, we placed the trailing-stop at 1,525 pts, which is the immediate resistance.

The nearest support level is at 1,500 pts, then 1,449 pts or Nov 2020’s low. Conversely, the immediate resistance level is at 1,525 pts (9 Jul’s high), followed by 1,550 pts or the low of 26 Feb.

Source: RHB Securities Research - 23 Jul 2021

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Trading Stocks - Mynews Holding

Author: rhboskres   |  Publish date: Fri, 23 Jul 2021, 6:13 PM


Mynews Holdings is eyeing for an upward rebound after experiencing a pullback near its 21-day SMA line with a “higher low” bullish pattern recently. If it breaches above the MYR0.885 immediate resistance – forming a “higher high” – the bullish momentum may propel it towards the next hurdle at MYR0.915 before reaching the higher resistance at MYR0.98. Meanwhile, if it drops below the MYR0.855 support level, this expectation will be cancelled.

Source: RHB Securities Research - 23 Jul 2021

Labels: MYNEWS
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