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Technical Stock Pick - Padini Holdings Bhd

jfapex
Publish date: Thu, 19 Nov 2020, 08:31 AM
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JF Apex Research
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Technical Stock Pick - Padini Holdings Bhd
 

 

Closed:                    RM2.50

Resistance:              (R1) RM2.62 /(R2) RM2.88

Support:                  (S1) RM2.44 /(S2) RM2.30

 

 

Padini Holdings Bhd (7052) rose 4 sen to RM2.50 yesterday to test the 200-day moving average (orange line).

 

Technical indicators are encouraging with the MACD climbing above its signal line and the RSI has just entered the overbought zone.

After yesterday’s surge, the stock could pull back on profit taking but has a chance to extend its rebound if share price sustains above its immediate support of RM2.44 sen marked by its previous high
For the downside, we advise traders to cut loss if the price falls below the second support of RM2.30, marked by 23.6% Fibonacci retracement level.
 

 

 
Technical Stock Pick - Padini Holdings Bhd
 

 

Closed:                    RM2.50

Resistance:              (R1) RM2.62 /(R2) RM2.88

Support:                  (S1) RM2.44 /(S2) RM2.30

 

 

Padini Holdings Bhd (7052) rose 4 sen to RM2.50 yesterday to test the 200-day moving average (orange line).

 

Technical indicators are encouraging with the MACD climbing above its signal line and the RSI has just entered the overbought zone.

After yesterday’s surge, the stock could pull back on profit taking but has a chance to extend its rebound if share price sustains above its immediate support of RM2.44 sen marked by its previous high.

For the downside, we advise traders to cut loss if the price falls below the second support of RM2.30, marked by 23.6% Fibonacci retracement level.
 

 

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