Yesterday, KAB gained 13.0 sen (+7.78%) to close at RM1.80.
Chart-wise, we note that the stock has begun trending upwards since last year December.
Following the formation of a “Marubozu” candlestick yesterday which suggests robust buying interest, we believe that the stock may be poised for more upside.
Expect the stock to trend higher to test resistances at RM2.00 (R1) and RM2.20 (R2).
Conversely, downside supports can be identified at RM1.60 (S1) and RM1.40 (S2).
BAHVEST (Not Rated)
BAHVEST rose 2.0 sen (+3.64%) to close at RM0.570 yesterday.
After a gradual sell down, the stock has been undergoing a period of consolidation since October last year.
Nonetheless, recent buying interests have managed to push the stock to trend above all of its key SMAs. Alongside with the formation of a “Golden Cross” a few days ago, we believe that the stock may continue to trend higher.
Should buying momentum persist, overhead resistance can be found at RM0.650 (R1) and RM0.730 (R2).
Conversely, support levels can be identified at RM0.470 (S1) and RM0.420 (S2).
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