UMWOG (Not rated). UMWOG closed at a 6-month high amid a recovery in crude oil prices above the USD45/ barrel mark. At the closing bell, UMWOG was up by 6.0 sen (6.4%) to RM1.00 while trading volume surged to 15.8 shares. In October last year, UMWOG retreated from a high of RM1.44 to as low RM0.885 in just 4 months. The share price subsequently levelled off between RM0.875 and RM0.98, forming a rectangle in the process. Yesterday’s bullish move triggered a breakout above this rectangle, and this signals that the share price is poised for a bullish reversal. From here, expect bias to be to the upside, with overhead resistance levels at RM1.09 (R1) and RM1.16 (R2). Traders may look to buy at the aforementioned RM0.98 (S1) resistance-turned-support, failing which further support is located at the RM0.875 (S2) floor.
LIIHEN (Not rated). Yesterday, LIIHEN surged 22.0 sen (7.1%) to close at RM3.31. This bullish move signals a continuation after a pullback between June-July. Momentum has now turned positive as seen by the MACD-Signal line crossover and rising trend of the RSI. The share price is now poised to retest June’s all-time high of RM3.39 (R1). Should this key resistance be taken out, the share price should then have a clear pathway to its next resistance target at RM3.69 (R2). Immediate support is identified at the resistance-turned-support level of RM3.10 (S1), while a lower support is pegged to the bottom of the previous consolidation phase at RM2.90 (S2).
Source: Kenanga Research - 16 Aug 2016
Chart | Stock Name | Last | Change | Volume |
---|