KPS gained 9 sen yesterday (+4.81%), accompanied by above-average trading volume to close at RM1.96.
Chart-wise, the stock has been on a rally after it broke out of a descending wedge pattern since mid-May. However, we think that the stock is overextended, given its steep rally and that a retracement is likely to happen soon.
Both the RSI and Stochastic are currently at overbought levels and the stock may seems possible of eventually retesting RM2.29 (R1) based on Fibonacci projection.
Keen investors can time their entries at support levels of RM1.75 (S1) and RM1.58 (S2).
LEESK (Not Rated)
Yesterday, LEESK jumped 6.5 sen (+7.26%) to mark a record close of RM0.960 under the support of exceptional trading volume.
In addition to the positive resistance breakout, display of a long-white-bodied candlestick further substantiates the bullishness towards the stock.
Overall, the underlying uptrend of LEESK remains intact with key SMAs and momentum indicators continue strong positive displays.
From here, follow through buying could pave the price towards resistances at RM1.10 (R1) and RM1.20 (R2). Conversely, supports are identified at RM0.860 (S1) and RM0.800 (S2).
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 7303 views | 6 d ago
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New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....