Yesterday, GBGAQRS gained 3 sen (1.8%), closing at RM1.69, backed by above-average trading volumes.
Chart-wise, the share has seemingly bounced back after bottoming-out in late April.
The share now has closed above its 20-day SMA, backed by encouraging displays from momentum indicators, signalling a bullish turn in short-term sentiment.
Should the rebound play sustain, keen investors may look towards resistances at RM1.84 (R1) and RM2.16 (R2).
Meanwhile, downside supports can be found near RM1.49 (S1) and RM1.33 (S2).
HENGYUAN (Not Rated)
HENGYUAN surged 71.0 sen (8.5%) to end at RM9.06. This was accompanied by 13.6m shares being traded – above average volume of 4.4m shares.
Positive movements in the past three days, backed by indicating strong volumes could indicate a potential bottoming-out.
Likewise, momentum indicators also displayed signals of possible reversal, i.e. RSI rebounded strongly from oversold territory, with uptick seen in the MACD.
The share is currently in the midst of testing its resistance at RM9.10 (R1). A break out from R1 could spark a further rally towards RM11.00 (R2) and RM12.60 (R3) further up.
Conversely, RM6.00 (S1) represents a crucial support, in which a break below is highly negative and could possibly trigger another round of free fall.
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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....