Perisai’s daily
chart
Perisai’s appears to have found support and may
resume its upward movement. The stock was highlighted in late February
for its likelihood of topping after the failed test of the
psychological RM1.00. Our view turned out to be correct as the stock
sold off and as expected, it found support at RM0.80 – a confluence of
Fibonacci levels based on the rally since the September low. The level was just above the rising 100-day
MAV line too. The “Long White” candle formed yesterday confirmed the new higher
low. This should lead to the next leg of
the upward move and purchase can
be made, if possible, on pullback toward the stop-loss level of RM0.80. The
price target is obviously the psychological RM1.00, provided that the RM0.90
resistance level is violated. A measured move based on the Dec-Feb rally could
even see the stock at RM1.20. However,
look for the correction to continue should the stop loss be triggered. Expect
strong support at RM0.74, a prior resistance level that was violated in Jan
this year.
Voir’s daily chart
Voir’s share price should trade higher if it holds above the
broken resistance level. There is no doubt that this stock was trending lower.
The downward move led to illiquid trading conditions, illustrating
the lack of market interest. However,
this may change after the strong close yesterday, where it climbed more than
20% on a “Long White” candle. It
recorded the highest volume in more than 2 years, which suggests firm buying
interest. The highest close in more than a year
also highlights the buying strength. As such, purchases can be made
at the
current level, or if possible on pullback towards the stop loss, in
anticipation of higher prices. Given the strong move yesterday, a tighter
stop loss is advisable and the early
2010-low of RM0.60 can be employed as the stop loss. The price target is the
late 2010-high of RM0.73 and a strong move may even see the test of the
2010-high of RM0.80. The upward
bias is likely to be nullified if the stop loss is triggered and a close below
yesterday’s low of RM0.56 may signal the failure of the upward continuation.
Expect strong support at RM0.50.
Source: OSK188
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