Rakuten Trade Research Reports
Technical View - Ho Wah Genting Bhd (HWGB, 9601)
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Publish date: Wed, 12 Aug 2020, 10:05 AM
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All materials published here are prepared by Rakuten Trade. For latest offers on Rakuten Trade products and news, please refer to: https://www.rakutentrade.my/
To sign up for an account: http://bit.ly/40BNqKI
Rakuten Trade
Hotline: +603 2110 7110 (Account Opening, General enquiry)
Email: customerservice@rakutentrade.my
Ho Wah Genting Bhd (9601)
• HWGB closed 14.0% or 18 sen lower to RM1.11 yesterday.
• Since our technical report on 28 July 2020, share price rallied to a high of RM1.52, representing a gain of 125%, before retracing to current level. We believe the pullback provides trading opportunities given their clinical trial for Covid-19 vaccine is pending approval from United States Food and Drug Administration.
• Should the approval be granted, we expect strong buying interest to resume and will likely chart new highs.
• Resistance levels are identified at RM1.17 (R1) and RM1.40 (R2).
• Conversely, support levels are seen at RM0.96 (S1) and RM0.79 (S2).
Source: Rakuten Research - 12 Aug 2020
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