NGGB gained 8.0 sen (+19.28%) yesterday to close at RM0.495 on the back of exceptional trading volume, as it secured a RM400m investment from Asia Capital Investment Fund to finance its Green Technology Park projects in Malaysia.
Chart-wise, NGGB rallied mid-Sept and was consolidating near its 20-day SMA before yesterday’s move. Yesterday’s move represented a break above its previous swing high of RM0.460 signalling a potential continuation of its September rally.
Key momentum indicators continue to show meaningful upticks. Coupled with the bullish crossover signal from the MACD indicator, this increases the possibility of a continuation rally.
From here, we expect continuous buying momentum to bring the share towards resistances at RM0.505 (R1) and RM0.545, should the first level be taken out.
Conversely, any downside bias should see supports at RM0.460 (S1) and RM0.425 (S2).
EDGENTA (Not Rated)
EDGENTA gained 10.0 sen (3.85%) to close at RM2.70 yesterday, accompanied by exceptional trading volume with 2.2m shares exchanging hand – almost 4-folds to its 20-day average.
Yesterday’s candlestick marked the share closing above key SMAs which currently are in a “Golden Cross” state.
Overall trend line is positive while momentum indicators are also displaying positive showings.
From here, we expect EDGENTA to make the next high towards RM2.82 (R1). Should follow-through buying momentum sustain, further possible advancement could then be expected at RM3.29 (R2).
Downside support can be found at the immediate support level at RM2.54 (S1) and RM2.43 (S2) further down.
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....