Yesterday, LAYHONG gained 1.5 sen (+2.24%) to close at RM0.685.
Technically, the share has been consolidating on its 20-day SMA after punching through it in early-September. Yesterday’s close represented a break above its previous high of RM0.680, which could lead to a continuation of its early-September rally.
Coupled with positive displays from key indicators, we expect follow-through momentum to bring the share price towards resistances at RM0.710 (R1) and RM0.765 (R2).
Conversely, supports at RM0.680 (S1) and RM0.630 (S2) could potentially act as buying opportunities.
SRIDGE (Not Rated)
SRIDGE rose 0.5 sen (+1.96%) to close at RM0.260 backed by stronger-than-average trading volume.
Trend line is bullish since early July, with yesterday’s close saw a decisive breakout from RM0.250 prior resistance level.
Technical indicators appear in supportive for a bullish move with key SMAs continuously in “Golden Crossover” as well as upticks seen in the MACD, RSI and Stochastic.
Key resistance to look out for in the near-term is RM0.285 (R1). Once taken out, the share is on a clear path for the next leg of "higher high" towards resistance level RM0.320 (R2).
Immediate downside support can be found at the resistance-turned-support level RM0.250 (S1) and RM0.230 (S2) further down.
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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....