N2N gained 7 sen yesterday (5.6%), closing at RM1.32, backed by exceptional trading volumes more than double its daily average.
Chart-wise, the stock has posed an impressive rally after bottoming out in early April this year. Yesterday’s move could represent a continuation of this trend, after it managed to break out its previous RM1.28 resistance in which was retested twice over the past month.
From here, the Fibonacci projects overhead resistances at RM1.42 (R1) and RM1.51 (R2). Similarly, supports can be identified at RM1.14 (S1) and RM1.05 (S2).
GKENT (Not Rated)
GKENT dropped a further 2.0 sen (1.65%) yesterday to finish at RM1.19.
The counter has been heavily sold down post-GE14, where after consecutive gap downs and plunges, managed to drop to as low as RM1.12, from around the RM4.00 level pre-elections.
Technically, however, the stock may be giving signs that it is close to bottoming out, with RSI and Stochastic currently in oversold territory, coupled with its MACD currently in a bullish divergence.
From here, keen traders may consider timing their entry should the stock approach closer to support at RM1.12 (S1). However, a break below this crucial support would be critically negative.
Conversely, recovery could potentially bring prices towards resistances at RM1.50 (R1) and RM1.91 (R2) further up.
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