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Technical Stock Pick - Xin Hwa Holdings Bhd

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Publish date: Fri, 20 Nov 2020, 08:32 AM
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JF Apex Research
Technical Stock Pick - Xin Hwa Holdings Bhd
 

 

Closed:                    RM0.41

Resistance:              (R1) 50 sen /(R2) 58 sen

Support:                  (S1) 39 sen /(S2) 29.5 sen

 

 

Xin Hwa Holdings Bhd (5267) rose 3 sen to 41 sen yesterday to breach the 200-day moving average (orange line).

 

Technical indicators are encouraging with the MACD rising 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 39 sen marked the 200-day moving average (orange line).

For the downside, we advise traders to cut loss if the price falls below the second support of 33 sen, marked by the 100-day moving average (pink line).

 

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