KAREX gained 5 sen yesterday (5.88%), closing at RM0.900, backed by above-average trading volume.
Chart-wise, the stock has been trading in a range between RM0.750 to RM0.850 for the past two weeks after a short rally in early June. Yesterday’s candlestick broke through its previous swing high resistance of RM0.850 which could signify a continuation of June’s rally.
Momentum indicators continue to show meaningful upticks and the 20-day SMA has just crossed above the 50-day SMA yesterday for the first time since October 2017.
From here, we expect the stock to face resistances at RM0.925 (R1) and RM0.995 (R2).
On the other hand, supports can be identified at RM0.850 (S1) and RM0.750 (S2).
AEMULUS (Not Rated)
AEMULUS jumped 5.0 sen to end at RM0.425 (+13.3%). This was accompanied by 16.6m shares being traded – quadruple the average volume of 4.0m shares.
Yesterday’s “Opening Marubozu” candlestick displayed bullishness with the stock successfully closes above earlier resistances level of RM0.400.
Technically, key SMAs have just completed a “Golden Crossover”, whilst momentum indicators are also showing upside-bias.
Though the share is approaching a resistance at RM0.435 (R1), we foresee continued buying momentum could result in a R1 breakout, thus paving a further rally towards RM0.475 (R2) and RM0.520 (R3).
Conversely, downside support can be identified at RM0.390 (S1) and RM0.345 (S2).
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