Daily technical highlights – (QL, SCIENTX)
QL (Not Rated)
![](/pub/blog/bl6/ql1_20191211092656.png)
- QL rose 12.0 sen (+1.60%) to close at RM7.53.
- Technically, the stock has been trending sideways for a nine-month period since early this year, coupled with thinner trading volume.
- However, the stock started a rally in early September and its recent share price movement saw it breaking above all key SMAs along with yesterday’s formation of a white “Marubozu” candlestick.
- We believe the stock is likely to continue its rally and test its immediate resistance at RM7.70 (R1), where a break above could push the stock towards its next resistance at RM8.00 (R2).
- Should there be negative news flows, its downside supports can be identified at RM6.70 (S1) and RM6.00 (S2).
SCIENTX (Not Rated)
![](/pub/blog/bl6/scientx_20191211092705.png)
- SCIENTX gained 10.0 sen (+1.10%) to close at RM9.43 yesterday.
- Chart-wise, the trend line has been bullish since September, with the stock currently closing above all key SMAs. Moreover, we observe a breakout from the recent bullish flag pattern, signalling a continuation of the upward trend.
- Momentum indicators are mostly leaning on the upside-bias as displayed by the strong upwards movement in the MACD, RSI and Stochastic.
- Should the buying momentum sustain, we expect the stock to advance towards RM9.80 (R1) and RM10.00 (R2).
- Conversely, its immediate support levels can be seen at RM8.90 (S1) and RM8.60 (S2).
Source: Kenanga Research - 11 Dec 2019