Nott Invest
JFTECH - Uptrend Begin?
Nott_Invest
Publish date: Mon, 12 Jul 2021, 11:34 AM
Sector: Technology
Following a week that is full of negative sentiments, particularly due to the politic instability and ever rising covid cases in Malaysia, strong closing was identified for JFTECH on Friday, which saw the share price climbed back and stays above its previous resistance at RM1.360 after the pullback on Thursday.
JFTECH is currently trading at RM1.390, with immediate support at RM1.360 and immediate resistance at RM1.440. Higher lows and higher highs pattern were identified for JFTECH, which indicate the sign of reversal for JFTECH. It is also worth mentioning golden cross (EMA25 crossing above EMA50) has occurred for JFTECH, and both EMA25 and EMA50 have begun to move upward, which further confirm the reversal for JFTECH. We believe that JFTECH will begin another uptrend rally should the price continue to stay above RM1.360.
Reason to Monitor: NASDAQ breaks new high / Bursa Technology Index going strong.
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