Yesterday, PMETAL gained 20.0 sen (+4.26%) to close at RM4.89.
Technically, the share has been on a slight downtrend since March 2018. However, recent technical outlook has started to improve with the share punching through the key SMAs since mid last month. Both the 20 and 50-day SMAs are in a ‘Golden Cross’ state and key momentum indicators continue to show encouraging signals.
We expect more upside room for PMETAL at RM5.11 (R1) and further towards RM5.28 (R2) should the first resistance be taken out.
Conversely, downside bias should find support at RM4.84 (S1) and RM4.62 (S2).
GCB (Not Rated)
Yesterday, GCB gained 10.0 sen (+5.56%), to close at RM1.90, with 1.7m shares exchanging hand, 4-folds its 20-day average.
The share had decisively broken above its almost 3-month range-bound trading between RM1.65-RM1.85 with a long bullish candlestick formed.
Technical outlook seemingly bullish at this juncture given momentum indicators are mostly leaning towards the upside with “Golden Cross” between key SMAs.
Expect GCB to continue its uptrend towards RM2.00 (R1), with a decisive takedown seeing a higher resistance at RM2.20 (R2).
Conversely, downside risks are seen at RM1.75 (S1) and RM1.65 (S2) further down.
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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....