FPGROUP gained 1.5 sen (+2.47%) to close at RM0.415 yesterday.
The share has been on a rally after breaking above all its key SMAs in August (after releasing a good set of results).
However the rally appears overextended and we opine the share should undergo a consolidation or retrace closer to its moving averages in the near term.
Key support levels to look out for are RM0.390 (S1) and RM0.350 (S2).
Nevertheless, should buying momentum continue, resistances can be found at RM0.455 (R1) and RM0.520 (R2).
GTRONIC (Not Rated)
Yesterday, GTRONIC rose 6.0 sen (+3.37%) to end at RM1.84.
Chart-wise, the share has been slowly inching upwards after its plunge in early-Aug 2019. Yesterday’s close saw the formation of a long bullish candlestick, indicating buying momentum.
Coupled with encouraging signals from key momentum indicators and the fact that the share remains above its key SMAs, we believe buying momentum could remain strong.
From here, resistances can be found at RM1.90 (R1) and RM2.07 (R2).
Conversely, downside supports can be identified at RM1.80 (S1) and RM1.72 (S2).
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MQ Trader 6161 views | 5 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!
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