Yesterday, HSSEB fell 5.0 sen (-5.16%) to close at RM0.920.
Technical-wise, the share has retraced after staging a rebound rally since June 2018. We think that the retracement is not over yet given that HSSEB failed to break above the key 100-day SMA. Key momentum indicators are also showing signs of retracement as well.
From here, expect HSSEB to test support levels of RM0.855 (S1) and further down to RM0.740 (S2) if the first support level is failed to hold.
Conversely, should the rally continue, resistance levels can be identified at RM0.945 (R1) and RM1.03 (R2).
REDTONE (Not Rated)
REDTONE gained 1.0 sen (+3.64%) yesterday to close at RM0.280.
Recent few white “Marubozu” candlesticks represent a pick-up in investors’ interest, bringing the share to decisively breakout from months of sideways trading.
Likewise, indicators are also mostly in positive given gradually improving volumes and upwards movements in MACD.
Key resistance level to look-out for is RM0.300 (R1). Once taken out, the share price is on a clear path for the next leg higher towards resistance level RM0.325 (R2).
Conversely, downside support can be found at resistance-turned-support RM0.265 (S1) and RM0.235 (S2) further down.
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