Hard disk drive manufacturer JCY’s share price has been on a decline for two days consecutively. After the reported news of worker unrest and fire at one of its factories in Kulaijaya, Johor emerges, its share price broke down from its strong multi-month trend line support level and closed at RM0.69. Readings from the key indicators (MACD, RSI and Stochastics) show that buying momentum is losing steam. Coupled with the higher trading volume yesterday, selling pressure seems to be heavy amid poor sentiment arising from the latest issue. Strong buying support level could emerge at RM0.64 (S2) level for investors who look to buy into the stock.

 

 

Source: Kenanga