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Technical Stock Pick - Ewein Bhd

jfapex
Publish date: Thu, 24 Sep 2020, 08:32 AM
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JF Apex Research
Technical Stock Pick - Ewein Bhd
 

 

Closed:                    RM0.315

Resistance:              (R1) RM0.27/(R2) RM0.225

Support:                  (S1) RM0.37/(S2) RM0.43

 

 

Ewein Bhd has been in a downtrend from a high of RM0.69 in May 2019 and hit a bottom of RM0.17 in MarchYesterday, the stock rose 3 sen to RM0.315 to breach the 100-day moving average (pink line).

 

Technical indicators are healthy with the MACD climbing above its signal line and the RSI is rising towards the overbought zone.

 

After yesterday’s gains, the stock could pull back but has a chance to extend its rebound should share price sustain above the immediate support at RM0.37. For the downside, we advise traders to cut loss if the price falls below the immediate support of RM0.37, marked by the 50-day moving average (blue line).
 

 

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