SUPERMX’s share price has been gyrating in line with the fluctuation of the USD/MYR forex rate as the group’s revenue is mainly denominated in USD. Since early October-13, the weaker USD/MYR has been pressuring the share price. Technically speaking, SUPERMX is treading on the thin ice as the share price is edging towards the apex of the bearish “Descending Triangle”. If the underlying support @RM2.45 is violated, the share price may potentially plunge towards RM2.11, based on measurement objective and Fibonacci retracement support. We would like to highlight the potential downside risk to investors should the share price break down below RM2.45. 

 

Source: Kenanga