HUAYANG jumped an impressive 6.5 sen (10.4% to RM0.69) yesterday, accompanied by exceptional trading volumes.
Share is now potentially showing signs of bottoming-out after hitting a “double-bottom” in December last year.
Over the past 1-2 months, MACD has been creeping upwards despite sideways movement of the share price – thus signalling an underlying build-up in momentum.
Expect follow-through buying from here, with resistances at RM0.74 (R1) and RM0.83 (R2). Conversely, firm downside support can be identified at low of RM0.595 (S1).
HUAAN (Not Rated)
HUAAN climbed up 4.5 sen (7.5%) yesterday to reach a 10-year high at RM0.645.
Technical outlook is bullish as shown by the string of white candlesticks formed over the past 2 weeks, which were supported by elevated trading volumes.
Momentum indicators are positive and are in a bullish convergence.
We expect the positive momentum to bring the share price up to RM0.700 (R1) and RM0.750 (R2). Any breaks below the RM0.600 (S1) and RM0.550 (S2) support levels are seen as a good entry point for buying
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