Yesterday, SAPNRG closed 3 sen higher (6.2%) at RM0.515 on high volumes, boosted by a short rally in the afternoon. This comes after the company announced bagging an EPCIC contract from Mubadala Petroleum during its mid-day break.
Improved displays of key indicators (e.g. upticks in MACD and RSI) coupled with higher trading interests of late, as depicted by the increased volumes, could suggest the share is seeking a near-term rebound from its low of RM0.395 last week.
However, underlying trends remain bearish, trading below the key SMAs, which are currently in a “Death Cross” state.
Keen investors in seek of a rebound play should look to cut-loss if the share decisively breaks below aforementioned low of RM0.395 (S1).
Conversely, should the rebound materialise, expect lucrative gains with resistances identified high up at RM0.80 (R1) and RM1.05 (R2).
IJACOBS (Not Rated)
IJACOBS gained 3.0 sen (9.38%) to close at RM0.350, forming a white “Marubozu” candlestick backed by strong trading volume.
Yesterday’s move resulted in a decisive breakout from its 3-month downtrend at RM0.340 strong resistance level; potentially serve as a signal of recovery play.
Overall technical picture is positive with share price closing above the 20-day SMA combined with bullish upticks in key momentum indicators.
Should a follow-through buying continue, IJACOBS could climb towards next resistance level of RM 0.380 (R1) and RM0.420 (R2) further up.
Conversely, downside support levels are identified at RM0.300 (S1) and RM0.290 (S2) next.
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MQ Trader 7316 views | 6 d ago
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....