Despite yesterday’s gain, overall technical outlook is still bearish with the downtrend still in place and momentum indicators still do not show any strong sign of an affirmative reversal.
However, we believe that there might be some follow-through buying activities over the next few days as yesterday’s long white candlestick with a short upper shadow was backed by exceptionally high trading volume.
Keen investors seeking to capitalise on the follow-through momentum can set a target at RM27.80 (R1) and RM31.00 (R2).
Support, on the other hand, can be identified at RM22.62 (S1).
ALLIANZ (Not Rated)
ALLIANZ caught our attention after rallying 10.0% to close at RM11.70 yesterday. It was accompanied by exceptional trading volume of 533k, which is 5x greater than its 20-day average volume of 98k.
Yesterday's “Marubozu” candlestick confirms the earlier "Hammer" reversal candlestick, to kick off a near-term recovery.
RSI that has broken above the 50.0 level and MACD-Signal line cross over display improvement in technical outlook.
Expect a rebound toward RM12.40 (R1) and RM13.00 (R2) further up.
Conversely, support level can be found at RM10.44 (S1) though a break below is deemed highly negative, potentially trigger capitulation towards RM9.60 (S2).
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