QES gained 0.5 sen (+1.49%) to close at RM0.340, on the back of above-average trading volume.
This week has seen QES under-go a retracement after an exceptional rally since mid-July. Yesterday’s candlestick formed a “dragonfly doji” which signifies buying interest. Notably, this bullish reversal candlestick pattern appeared on its 20-day SMA, which acts in confluence to signify buying interest. We also note that QES managed to close positive amidst the sell-down in the market.
We expect buying interest to continue to bring the share towards RM0.350 (R1) and RM0.370 (R2). Conversely, immediate support can be identified at RM0.330 (S1), near its 20-day SMA and RM0.300 (S2), its previous resistance turned support.
KHEESAN (Not Rated)
KHEESAN closed at RM0.595 yesterday, with a bullish “Marubozu” candlestick formed.
Technical chart indicates a downtrend breakout, potentially to signal the share price has bottomed out and now poised for a recovery.
From here, expect KHEESAN to punch through its 100-day SMA at RM0.600 (R1).Should this level be taken out, next resistance level to target is RM0.635 (R2).
Immediate downside support can be found at RM0.545 (S1), where a break below is deemed highly negative.
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 7113 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....