ENGKAH is starting to show positive aggression as the stock is slowly picking up the momentum in effort to rebound from the recent low point @RM2.65. Indicator-wise, RSI, MACD and Stochastic have improve significantly lately as the market speculated on possible release of positive financial results, expected to be released in a few weeks. However, we feel the general low trading volume could eradicate the uptrend expectation as the share price may struggle to overcome the long-term down-trend cycle since Oct-2012. Furthermore, a breakdown below recent low point @RM2.65 could see further downside risk towards RM2.39, based on Fibonacci projection. Hence, we would like to highlight investor to watch for the breakdown risk.

 

Source: Kenanga