Yesterday, MASTER jumped 21.0 sen (+12.10%) to close at RM1.94.
Chart-wise, the share has been on a rally after a long period of consolidation. Yesterday’s candlestick formed the fourth consecutive long bullish candlestick which led the share to surge to a nine-year high.
While the underlying uptrend appears to be intact, we believe that there could be some profit-taking activities over the next few trading days as the RSI and Stochastic are in the heavily overbought zone.
From here, the share may temporarily retrace back to its supports at RM1.70 (S1) and RM1.50 (S2).
Conversely, resistance levels can be found at RM2.10 (R1) and RM2.20 (R2).
UTDPLT (Not Rated)
UTDPLT gained 32.0 sen (+1.30%) to close at RM25.82 yesterday.
Chart-wise, the share appears to be bottoming-out from its sell-down that started in early October. Notably, yesterday’s candlestick closed with a long bullish “Marubozu Candlestick”, while its short term SMAs is in midst of a “Golden-Cross” position.
Coupled with positive upticks from key momentum indicators, we believe that the rally could continue.
Look out for immediate resistance at RM26.00 (R1), where a break above would see the stock head higher towards RM26.60 (R2).
On the other hand, downside supports can be identified at RM24.70 (S1) and RM24.20 (S2).
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 6072 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!
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....