Yesterday, GBGAQRS closed at RM1.64 (+1.2%) to pare some losses from its recent sell-down.
From the recent candlesticks development (i.e. doji followed by white candlestick), it appears that investors are showing buying interest in the counter once again.
Underlying trend remains bearish with SMAs in “Death Crossover” state, but momentum indicators, such as a bullish MACD-Signal Line crossover, may be suggestive of a potential reversal.
The stock is currently in the midst of testing its resistance at RM1.65 (R1). Should price closes above R1, follow through buying could lead price towards RM1.85 (R2).
Conversely, downside support is located at RM1.50 (S1) and RM1.33 (S2).
AIRPORT (Not Rated)
AIRPORT gained 12.0 sen (1.35%) to close at RM9.04 yesterday, bringing the share to close above key SMAs.
Technical picture of AIRPORT is turning positive with yesterday’s move marking a decisive breakout from its almost 2- month sideways trading.
Similarly, momentum indicators are mostly in supportive of a positive outlook, as evidenced by upticks in MACD, RSI as well as Stochastic.
Should buying interest follow through, expect for a higher move towards RM9.20 (R1). Once R1 is taken out, the share price is on a clear path towards RM9.45 (R2).
Conversely, downside risks are identified at a strong immediate support level RM8.90 (S1) and RM 8.62 (S2) further down.
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