SAPNRG saw 98.1m shares traded yesterday, making it one of the most actively traded stocks of the day. It ended the day lower by 1.5 sen (2.3%) at RM0.64 amidst the poor market breadth.
The share has appeared to be in consolidation mode recently, after bottoming-out in mid-March. However, the share price is still yet to decisively cross above its longer-term 100-day SMA, despite hovering above its 20 and 50-day SMAs for a large part of last month. Nonetheless, the tapering momentum indicators further suggested some overhang in negative sentiments before the share can fully stage a rebound play.
From here, look out for resistances at RM0.800 (R1) and RM1.05 (R2). Meanwhile, a breach below crucial support at RM0.395 (S1) will be deemed as highly negative.
MRCB (Not Rated)
MRCB closed flat at RM1.00 yesterday with strong trading volume of 14.3m, above 20-day moving average volume of 8.2m.
Yesterday’s movement formed a candlestick that highly resembles a dragonfly doji, in which upon a continued positive movement could confirm a bullish reversal.
While momentum indicators have yet to turn bullish, 20-day SMA has recently crossed above 50-day SMA, indicating improving outlook.
Upon confirmation, expect share to rebound towards RM1.08 (R1) and RM1.15 (R2) further up.
Immediate support is identified at RM0.995 (S1) with next support at RM0.855 (S2).
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