Nott Invest

JFTECH - Breakout from Descending Trendline

Nott_Invest
Publish date: Sun, 10 Oct 2021, 10:58 AM
Nott Invest Analyses

Sector: Technology

Analysed on 09/10/21

In our previous analysis on JFTECH, we mentioned that JFTECH was weak in momentum since the release of their QR and suggested to wait for the sign of rebound. JFTECH has been going through a short-term correction until it was trading actively on Friday which resulted a breakout from the descending trendline. JFTECH is currently trading at the immediate resistance of RM1.510, with immediate support at RM1.440. Should JFTECH breaks the resistance at RM1.510, it will challenge the next resistance at RM1.600.

Note that JFTECH has managed to climb back to trade above EMA25 and EMA50, and coupled with the formation of higher lows pattern. Both EMA25 and EMA50 are sloping upwards showing that JFTECH could be on an uptrend. However, in view that the current US market is extremely volatile, JFTECH with relatively higher PE as compared to its peers could be slightly risky should a huge sell down happen to the global market. Hence, it is advised that investor should always trade with a strict cut loss plan. Support level can be taken as reference of entry point for investor who is interested in JFTECH.

Reason to Monitor: Technical Breakout/ Potential Upward Trend

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