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JOHOTIN (Not Rated)
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JOHOTIN advanced 19.0 sen (15.57%) yesterday to close at RM1.41.
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The move was accompanied by strong trading volume and the MACD indicator is showing positive momentum.
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Yesterday's bullish move signals that JOHOTIN has bottomed-out decisively, and is now poised for a recovery.
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Expect follow-through buying from here to bring the share price up to RM1.46 (R1) with further advancement towards RM1.53 (R2). Firm downside support, however, can be identified at RM1.16 (S1).
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HENGYUAN (Take Profit @ RM14.34)
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Following technical “Trading Buy” call on HENGYUAN in our report dated 7-Nov-2017, the share price has performed remarkably, continuing its uptrend till early Jan 2018.
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However, amidst past two consecutive days of bearish price performance, technical picture is turning more negative. Therefore, prompted us to take profit.
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Taking profit at the current level would imply bagging total gains of 60% in a span of two months.
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Indicators suggest earlier uptrend is losing momentum as MACD crossed below signal line and RSI breakdown from 50 line.
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We reckon near-term consolidation may take place where the risk-reward ratio no longer deemed favourable to keep position.
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Resistance level is identified at RM15.15 (R1) and RM19.20 (R2). Conversely, keen investors could look to a possible reentry at more attractive levels near supports at RM12.65 (S1) and RM10.63 (S2).
Source: Kenanga Research - 17 Jan 2018