Kenanga Research & Investment

Daily Technical Highlights – (FGV, TM)

Publish date: Thu, 17 Jan 2019, 09:48 AM

FGV (Not Rated)

  • FGV climbed 1.5 sen (+1.61%) to close at RM0.945 on higher trading volume.
  • Chart-wise, the share had been rallying over the past few trading days as we believe investors reacted positively towards the news on its management being committed to turnaround the company.
  • Overall technical outlook is positive as momentum indicators are bullish while the share had also just broken above both the 20-day and 50-day SMAs.
  • From here, expect the share to rally further to its next resistances at RM1.20 (R1) and RM1.45 (R2).
  • Any unexpected negative news flow will see supports at RM0.800 (S1) and RM0.630 (S2)

TM (Not Rated)

  • TM rose 5 sen (+1.84%) to close at RM2.77.
  • The share has been on a downtrend since end-Feb. However, buying interest has returned in late-October with the formation of a long bullish engulfing candle stick that started the rally.
  • With that, we believe upward momentum should persist as the share is seen to respect the 20-day SMA while key technical indicators are still bullish.
  • Thus, we expect TM to advance above its 100-day SMA to find overhead resistance at RM3.00 (R1) and RM3.25 (R2).
  • Conversely, immediate support can be found at RM2.55 (S1) and RM2.35 (S2).

Source: Kenanga Research - 17 Jan 2019

Related Stocks
Market Buzz
Be the first to like this. Showing 2 of 2 comments


interesting. this is a good read

2019-01-17 09:58


thanks for sharing

2019-01-17 17:04

Post a Comment