On Tuesday, FRONTKN gained 0.5 sen (+0.61%) to close at RM0.830.
Chart-wise, the share has been enjoying a super rally since late-July. However, we think that the rally could be overextended and a retracement is likely to happen soon. Notably, Tuesday’s candlestick formed a “Long-Legged Doji” signaling a potential shift in sentiment.
Momentum indicators such as RSI and stochastic have been hovering in the overbought territory since July, further suggesting the likelihood of a retracement
We expect to see a healthy correction of the share price to RM0.750 (S1) and further to RM0.685 (S2) should the first support level be broken.
Conversely, should the rally continue, Fibonacci projected resistances are seen at RM0.850 (R1) and RM0.950 (R2).
UCHITEC (Not Rated)
UCHITEC gained 11.0 sen (+3.74%) to close at RM3.32 on Tuesday’s closing, backed by exceptional trading volume.
Overall, its trend line has been positive, with the share continuously leading key SMAs upwards since it had bottomed–out in early-April.
Meanwhile, key SMAs remains in a “Golden Crossover” state with momentum indicators also appear in supportive towards the upside.
From here, expect the share to advance towards RM3.35 (R1) with a decisive breakthrough will see the share on a clear path towards RM3.60 (R2).
Conversely, downside risks are identified at the immediate support level RM3.20 (S1) with the next support level found at RM 3.05 (S2).
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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....