Kenanga Research & Investment
Daily Technical Highlights – (JCY, LHI)
JCY (Not Rated)
• Yesterday, JCY rose 2.0 sen (+7.55%) to close at RM0.285.
• Since early December19, the stock has been trending upwards after it successfully stays above all of its key SMAs.
• In view of a stronger-than-average trading volume and a bullish MACD signal, we believe that there may be more upside potential.
• From here, we expect the stock to trend higher to test resistance levels at RM0.335 (R1) and RM0.365 (R2).
• Conversely, its key support levels are seen at RM0.230 (S1) and RM0.200 (S2).
LHI (Not Rated)
• LHI dropped 2.0 sen (-2.30%) to close at RM0.850 yesterday.
• Chart-wise, the stock has been undergoing a period of consolidation since late-August19. Notably, yesterday’s candlestick has pushed the stock to trade below all of its key SMAs.
• Coupled with a bearish MACD signal, we expect the stock to trend lower should it close decisively below all of its key SMAs.
• Support levels can be found at RM0.800 (S1) and RM0.720 (S2).
• Conversely, its resistance levels can be identified at RM0.900 (R1) and RM0.970 (R2).
Source: Kenanga Research - 27 Dec 2019
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