HIBISCS rose 6.0 sen (+10.1%) to close at RM0.655 yesterday.
Following the formation of a “Golden Cross” as its 20-day SMA crossed above the 100-day SMA, the stock managed to close above all of its key-SMAs yesterday.
Coupled with the upticks from its key momentum indicators, we believe the stock may be poised for more upside.
Should the bullish momentum persist, resistance levels are identified at RM0.755 (R1) and RM0.875 (R2).
Conversely, immediate supports can be found at RM0.560 (S1) and RM0.440 (S2).
D&O gained 9.0 sen (+13.5%) to close at RM0.755 yesterday.
Yesterday’s candlestick closed higher on the back of stronger-than-average trading volumes, which prompted the stock to trend above all of its key SMAs.
Given the bullish MACD signal and upticks from key momentum indicators, the stock may continue to trend higher.
Key resistance levels are seen at RM0.860 (R1) and RM0.920 (R2).
Conversely, support levels can be identified at RM0.630 (S1) and RM0.565 (S2)
Source: Kenanga Research - 17 Jun 2020
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D&OCreated by kiasutrader | Aug 26, 2024