BJASSET broke out from its downtrend line yesterday to finish at RM0.480, 3.5 sen higher (7.8%).
Series of white candlesticks in the past 7 days coupled with yesterday Marubozu candlestick display a more positive technical picture.
MACD-Zero Line crossover alongside rising trading volume within past few days are supportive of follow through buying.
Based on rising share price and healthy volumes of late, expect a retest of December's high at RM0.530 (R1). A breakout at that level would then signal a long term bullish reversal at play with further resistance to target at RM0.585 (R2).
Support can be identified at RM0.460 (S1), a resistant-turned-support level, with another stronger support at RM0.400 (S2).
FPI (Not Rated)
FPI climbed 8.0 sen (4.30%) to close at RM1.94 on higher than average trading volume.
The share had been consolidating over the past two months having experienced a rally for 6 months prior.
However, with yesterday's move, we see an early attempt to punch out of this congestion phase.
Momentum indicators have shown some improvement in recent weeks and should the share price manage a break above the RM2.00 (R1) key resistance, the technical picture would then signal an uptrend resumption towards RM2.15 (R2) next.
On the other hand, downside support can be found at RM1.90 (S1) and RM1.82 (S2) next.
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MQ Trader 7329 views | 6 d ago
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New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
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