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Technical Stock Pick - Reach Energy Bhd
Technical Stock Pick - Reach Energy Bhd
Closed: 10.5 sen
Resistance: (R1) 14 sen /(R2) 16 sen
Support: (S1) 8.5 sen /(S2) 8 sen
Reach Energy Bhd (5256) rose 1.5 sen to 10.5 sen yesterday to come off 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 8.5 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 8 sen, marked by the 50-day moving average (blue line).
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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....
