Daily technical highlights – (MFCB, AEONCR)
MFCB (Not Rated)
![](/pub/blog/bl6/mfcb_20191212093005.png)
- MFCB gained 18.0 sen (+3.80%) to end at RM4.90 yesterday.
- Technically, the share has been on a bullish run since July this year. Notably, yesterday’s move saw the share closing above the 20-day SMA with a formation of long white candlestick, marking an all- time high.
- Momentum indicators appear to be improving with upward trend as seen in the MACD indicator, coupled with minor upticks depicted by the RSI and Stochastic.
- Should follow-through buying continue, it is expected that the share to trend higher towards RM5.05 (R1) and RM5.20 (R2).
- Conversely, key support levels can be seen at RM4.20 (S1) and RM3.60 (S2).
AEONCR (Not Rated)
![](/pub/blog/bl6/aeoncr_20191212093014.png)
- Yesterday, AEONCR slipped 2.0 sen (-0.14%) to close at RM14.70.
- Chart-wise, we observe the formation of a “Double-Top” chart pattern after cutting below its neckline, thus indicating a bearish reversal of its prior uptrend in the previous year.
- Additionally, other momentum indicators also show minimal signs of a near-term recovery, with its MACD and Stochastic in downward trends.
- From here, projection of the “Double-Top” downwards would arrive to support levels of RM14.30 (S1) and RM14.00 (S2).
- Conversely, should a rebound occur, overhead resistances can be found at RM15.50 (R1) and RM16.40 (R2).
Source: Kenanga Research - 12 Dec 2019