Chart-wise, the stock is seemingly trading within a channel where it is now traded near its bottom channel line. Key SMAs continues to display positive outlook with a firmly intact underlying uptrend. Moreover, the stock has also rebounded from its 50-day SMA which has shown to be resilient in the past.
While momentum indicators are moderating of late, they continue to move within the positive territory.
From here, the rebound may bring F&N towards RM40.00 (R1) and RM43.50 (R2) further up.
Conversely, any decisive break below the channel support at RM37.00 (S1) would be negative and may trigger a capitulation toward next support at RM34.60 (S2).
UNISEM (Not Rated)
UNISEM gained 9.0 sen (3.53%) to close at RM2.64 yesterday backed by slightly above-average trading volume.
From a technical perspective, the stock seems to have reversed in May 2018 after a downtrend since November 2017. The stock, however, retraced after forming a double top last month. Yesterday’s move was significant as it broke through the previous double top swing high of RM2.61.
Key momentum indicators are also displaying positive signals such as MACD above signal line and RSI in the neutral zone. As such, we believe that UNISEM will likely continue to move upwards.
Fibonacci projects resistances at RM2.93 (R1) and RM3.24 (R2). Conversely, supports can be identified at RM2.61 (S1) and RM2.23 (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....