Sector: Consumer Products / Recovery

Analysed on 13/09/21

Follow up on our previous analysis, OWG went on to challenge the resistance at RM0.520 last week but it was not successful. OWG then suffered a huge retracement with volume on last Wednesday and eventually fall below the support at RM0.485. OWG seems to have found the support at EMA50 region, currently trading at RM0.480, with immediate resistance RM0.485.

Note that both EMA25 and EMA50 have begun to flatten indicating that OWG’s momentum has turned weak for short term. As retracement had happened for some of the recovery stocks recently, and this includes OWG, hence investors are advised to trade only where there is sign of rebound or reversal, which could be confirmed with the formation of higher low or EMA25/EMA50 begin to slope upwards again.

Reason to Monitor: Recovery Stock

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