Yesterday, KRONO dropped 0.5 sen (-0.71%) to close at RM0.700.
Technically, the share seems to be consolidating to form a potential ascending triangle. Notably, the 20-day SMA recently crossed above both the 50-day and 100-day SMA which could indicate a shift in sentiment. Key momentum indicators are also displaying positive signals.
We expect KRONO to retest its resistance of RM0.720 (R1), if successful would signal a breakout and a further advancement to RM0.800 (R2).
Downside risk is fairly limited with a support level at RM0.640 (S1). A close below (S1) would invalidate the potential ascending triangle setup, with a lower support identified at RM0.545 (S2).
KPJ (Not Rated)
KPJ gained 6.0 sen (+5.77%), closing at RM1.10, on increased trading volume with 17.1m share exchanging hands- tripled its 20-day average.
Yesterday’s move saw KPJ broke out from RM1.07 prior resistance level with the formation of bullish “Marubozu” candlestick.
Trend line is bullish since early April with key SMAs remain in “Golden Cross” while momentum indicators (MACD, RSI and Stochastic) displaying minor upticks.
Technical outlook will turn increasingly positive once the RM1.15 (R1) resistance level is taken out decisively before a possible advancement towards RM1.20 (R2).
Conversely look out for a crucial support at RM1.00 (S1), with a lower support level seen at RM0.955 (S2).
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