MKH’s share price declined 15 sen or 5.7% to RM2.47 yesterday, in line with the weaker broader market. Technically, a down trend was showcased as the share price fell below all its MA trend lines and failed to break above its resistance level of RM2.66 (R1). MACD indicator was moving sideways; thus painting a neutral picture. Meanwhile, strong buying support could emerge at the 1-year Fibonacci support level of RM2.14 (S1) as both RSI and Stochastics indicators were seen heading south approaching the oversold region. Thus, we advocate investors who look to buy into the stock to watch out for buying opportunity should the share price reaches near the S1 level.

 

 

Source: Kenanga