PWROOT gained 11.0 sen (6.9%) to close at RM1.70, with the support of 2.5m shares traded, quintuple of 20-day average volume of 0.5m.
Yesterday’s “White Closing Marubozu” candlestick indicates that bull dominated most part of the day.
Overall technical picture is turning more positive with 20-day SMA crossing above 50-day SMA. Meanwhile, momentum indicators reverted into an uptrend, suggesting that PWROOT is gaining momentum as it rebounds.
Expect the rebound to continue towards RM1.95 (R2) with an intermediate resistance near RM1.76 (R1).
Conversely, look out for support at RM1.53 (S1), which a break below is deemed negative, and could trigger a capitulation towards 1.15 (S2) further down.
GFM (Not Rated)
GFM gained 3.0 sen (5.56%) yesterday, closing at RM0.570, resulting in a long white candlestick formed.
Yesterday’s move saw the share price breaking out from the prior RM0.550 resistance level decisively, hovering above the key moving averages.
Technical outlook seemingly improving backed by momentum indicators that are mostly supportive for the next advancement towards RM0.602 (R1) and RM 0.643 (R2).
Conversely, support levels can be identified at RM0.510 (S1) and RM0.50 (S2) further down.
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