Kenanga Research & Investment
Daily Technical Highlights – (HLBANK, NESTLE)
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HLBANK (Not Rated)
- HLBANK jumped 94 sen (4.9%) yesterday to close at day’s high of RM20.20. This comes after the bank had announced its quarterly results two days prior, which saw its 2Q17 earnings improved 24% YoY.
- From a technical standpoint, the stock has been in an uptrend since the start of December last year, leading all key SMAs in a fanning state.
- Coupled with positive signs from key indicators, expect bullish momentum towards resistances at RM20.64 (R1) and RM21.48 (R2).
- Conversely, should momentum fail to sustain, immediate supports can be found at RM19.28 (S1) and RM17.92 (S2).
_20180301100006.jpg)
NESTLE (Not Rated)
- NESTLE gained RM6.00 (4.9%) yesterday, closing at day’s high of RM128.10.
- The share has been trading in a strong uptrend since November last year, with the price leading all key SMAs upwards in the chart.
- With key indicators currently in a positive state, expect bullish momentum to continue towards next resistance at RM135.70 (R1) and RM143.10 (R2) higher up.
- Conversely, support levels can be identified at RM124.00 (S1) and RM112.20 (S2).
Source: Kenanga Research - 1 Mar 2018
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