REACH gained 4.5 sen (+13.85%) to close at RM0.370 yesterday.
Technically, the share has been on a rally since late August, after seemingly bottoming out in June.
Yesterday’s candlestick represented a break and close above its previous swing high of RM0.365. Backed by exceptional trading volume and positive signals from key momentum indicators, this could indicate buying interest and a possible continuation of its August rally.
We expect REACH to test its resistance of RM0.380 (R1) and RM0.415 (R2) should the first level be taken out.
Conversely, downside bias should see supports at RM0.350 (S1) and further down at RM0.325 (S2). Keen investors may want to keep an eye on these levels to build a position.
AIRASIA (Not Rated)
AIRASIA gained 7.0 sen (+2.31%) to close at RM3.10 yesterday on strong trading volume.
Chart-wise, the share had been on a downtrend recently. However, yesterday’s candlestick resembles a ‘Bullish Harami’ and may signal a potential change in sentiment.
Moreover, the stochastic indicator is in the oversold zone.
Should buying interest continue, we may see the share rally towards RM3.35 (R1) with the next resistance level at RM3.60 (R2).
Conversely, retracement towards RM3.00 (S1) and RM2.90 (S2) would serve as a good entry point for interested investors.
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2018-09-14 09:53