Underlying trend still remains bearish since the sell-down in early February.
However, the formation of a Doji on Tuesday, coupled with yesterday’s white ‘Marubozu, backed by strong trading volumes could suggest a rebound may be at play.
Should the rebound materialise, expect a rally towards RM1.15 (R1) with further resistance at RM1.24 (R2).
Conversely, investors should seek to cut-loss if it breaks below the RM0.995 (S1) support level.
F&N (Not Rated)
Yesterday, F&N gained 1.3 sen (4.05%) to close at RM33.40
The share is currently in an uptrend since mid-last year, with the share price leading key SMAs upwards in a fanning state.
Continuation of the bullish outlook is further backed by positive displays from key momentum indicators.
From here, expect F&N making the next high towards RM34.50 (R1). Should follow-through buying momentum sustain, further gains could then be expected at RM37.30 (R2) next.
Downside support can be found at the immediate support level at RM31.75 (S1) and RM29.95 (S2) further down.
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 7316 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!
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....