The share had been riding on a bullish run over the past two weeks, accompanied by strong trading volumes.
However, yesterday’s candlestick resembles a ‘Shooting Star’ and may signal a bearish reversal.
We do not discount a possibility of a retracement towards its support levels at RM1.46 (S1) and even RM1.15 (S2).
Should the rally continue, resistance is seen at RM1.70 (R1) and RM1.95 (R2).
MEXTER (Not Rated)
MEXTER gained 3.0 sen (+7.89%) to close higher at RM0.410 underpinned by stronger-than average trading volume.
Technical outlook is mildly positive at this juncture backed by momentum indicators still displaying some weaknesses as indicated by the flat-lining of the MACD with minor upticks seen in RSI and Stochastic.
Nevertheless, the share managed to close above all key SMAs which currently in “Golden Crossover” state.
From here, should the buying momentum be sustained, look out for resistance level at RM0.455 (R1) with a decisive breakout will see the share advancing towards RM0.500 (R2)
Conversely, support levels are identified at RM0.350 (S1) and RM0.310 (S2) further down.
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 7260 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....