Kenanga Research & Investment
Daily technical highlights – (SCIB, KOTRA)
SCIB (Not Rated)
• Yesterday, SCIB rose 8.0 sen (+4.47%) to close at RM1.87.
• Chart-wise, the stock has been on an uptrend since early-January.
• Yesterday candlestick closed higher with a bullish candlestick after testing its 20-Day SMA. Coupled with a potential MACD crossover and an uptick in RSI, we believe more upside can be seen.
• From here, overhead resistance can be found at RM2.00 (R1) and RM2.10 (R2) next.
• Conversely, key support levels are seen at RM1.80 (S1) and RM1.60 (S2)
KOTRA (Not Rated)
• KOTRA went up by 2.0 sen (+1.09%) to close at RM1.86 yesterday.
• The stock has broken through all its key-SMA in mid-December.
• Yesterday candlestick gapped up backed by huge trading volume. Given that its Stochastic appears oversold, we believe the stock could be headed for a rebound.• Should buying momentum persist we expect the stock to test its resistance at RM1.95 (R1) and RM2.00 (R2).
• Conversely, support levels can be found at RM1.75 (S1) and RM1.65 (S2).
Source: Kenanga Research - 26 Dec 2019
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