Yesterday, D&O hit a record intraday high of RM0.830 before closing at RM0.815 on the back of exceptional trading volume of 71m shares traded - 18x its 20-day average.
Technically, the share has been undergoing a mild uptrend over the past several months, with yesterday’s move seeing it decisively punching through its prior overhead resistance at RM0.785-0.800.
With its underlying uptrend still strongly intact, coupled with positive displays from key indicators, we expect follow-through momentum to bring the share price towards resistances at RM0.840 (R1) and RM0.875 (R2).
Conversely, supports at RM0.785 (S1) and RM0.730 (S2) could potentially act as buying opportunities.
PARKSON (Close Position @ RM0.390)
We bring closure to our "Trading Buy" recommendation on PARKSON amid on-going rationalisation of our technical portfolio.
We first recommended PARKSON on the 23 May 2018 and it had rallied to a high of RM0.650 (+27.5%) before plunging heavily following the announcement of PARKSON Retail Asia’s 4Q18 net loss.
More recently this month, the stock broke below its psychological support level at RM0.400 and capitulated to yesterday's closing price of RM0.390 (-1.27%).
We reckon the technical outlook is highly bearish with trading volumes tapering and negative MACD continuing its downward movement.
From here, support level identified at RM0.380 (S1) while resistances levels are found at support-turned-resistance RM0.400 (R1) and RM0.450 (R2) next.
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