CARIMIN rose 11.0 sen (+9.09%) to end at RM1.32, yesterday.
Chart-wise, the share has been on a rally since punching above all its key SMAs in Aug 2019.
Yesterday’s long bullish candlestick broke above its previous swing high of RM1.24, indicating a breakout on strong buying momentum.
Should buying momentum persist, expect the share to trend higher toward RM1.41 (R1) and RM1.47 (R2)
On the other hand, support levels can be found at RM1.24 (S1) and RM1.13 (S2).
PENTA (Not Rated)
PENTA gained 17.0 sen (+3.76%) yesterday to close at RM4.69.
The share has rallied since bouncing off its 20-day SMA in Sep 2019. However, given the heavily overbought signals from RSI, we believe the rally could be overextended and there should be a consolidation phase in the near-term.
We reference a similar occurrence in Jul/Aug 2019 (a period where RSI was heavily overbought) where the share experienced a consolidation phase after a similar 2-month rally. As such we believe the share is likely to trade within the range of RM4.40-RM4.90 in the near-term.
Support levels can be found at RM4.59 (S1) and RM4.39 (S2).
Conversely, the resistance level can be identified at RM4.92 (R1) and RM5.25 (R2)
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