Journey to Wealth
Highlights / Stock Pick of the Day - Notion VTEC Berhad
After trading sideways for the most part of July and August, Notion VTEC's (NOTION) share price broke down below the trading range to retest the RM1.10 low made in June. The MACD is firmly below the zero line, while the histogram is seen expanding downwards to indicate an increase in downward momentum. The 14-day stochastics oscillator has also declined notably to reflect the recent sell-off. Notion's share price is now dancing with the critical support level at RM1.10, where a move in either direction will not be subtle. On the other hand, should a rebound occur from this level, the upside target may be set at RM1.25 while a breakdown below the support could mark the beginning of a downtrend.
On a weekly basis, NOTION appears to be forming a potential bearish "Double Top" pattern where the share price is hovering around the trigger line of RM1.10. Coincidentally, the 50- and 100-day SMAs are both hovering closely to the trigger line. Should a downside violation occur, the move will serve to confirm the "Double Top" reversal pattern with a measurement objective of RM0.90. Nonetheless, we do not rule out a potential rebound from as there is fair chance for NOTION to stage a technical rebound in the short-term.
Source: Kenanga
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