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Technical Stock Pick - SLP Resources Bhd
Technical Stock Pick - SLP Resources Bhd
Closed: RM1.02
Resistance: (R1) RM1.09/(R2) RM1.18
Support: (S1) RM0.93 /(S2) RM0.86
SLP Resources Bhd (7248) rose 9 sen to RM1.02 to breakout from the 200-day moving average (orange line).
Technical indicators are encouraging with the MACD rising above its signal line and the RSI climbing towards the overbought zone.
After yesterday’s surge, the stock could pull back but has a chance to extend its rebound if share price sustains above RM0.99 where the 50-day moving average (blue line) stands. For the downside, we advise traders to cut loss if the price falls below the immediate support of RM0.93 marked by the 38.2% Fibonacci retracement level.
After yesterday’s surge, the stock could pull back but has a chance to extend its rebound if share price sustains above RM0.99 where the 50-day moving average (blue line) stands. For the downside, we advise traders to cut loss if the price falls below the immediate support of RM0.93 marked by the 38.2% Fibonacci retracement level.
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
