A false break of the 200-day MAV line may have occurred,
which coincided with the failure to break the 9-month downtrend. Positions can
be liquidated on close below RM3.50.
Aggressive traders may exit on any rebound towards RM3.60. The price
target is the recent low of RM3.20 and
then the psychological RM3.00. Look for AirAsia
to trade higher if it closes convincingly above RM3.60
Gamuda may trade
lower if it violates the 3½ -month support level. The 50-day MAV line is also acting as
a dynamic resistance. Liquidation
can be made on a close below RM3.54. Strong support lies at the Fibonacci
confluences of RM3.44 and RM3.15. The trade may not work if the stock closes
above RM3.66, and a violation of RM4.00 will see it trading higher.
Maybulk may trade
lower after failing to violate the declining 200-day MAV line and the RM1.80
resistance level. Liquidation can be made below RM1.80 with support expected
at the
recent lows of RM1.60 and RM1.40. The trade may not work on a close back
above RM1.80. When this happens, look for it to trade higher instead, with resistance
at RM2.00 and RM2.20.
Crest Builder
Holdings Bh- The stock’s 4-day sharp
rally may have been halted after the occurrence of the “Long Black Day” yesterday. Liquidation can be made below RM1.10, while a
conservative trade may wait until a close below RM1.00 before exiting. Support
is expected at RM0.90 and RM0.83. A close back above RM1.10 should see a
resumption in buying, with RM1.30 as the target.
CBIP may trade
higher after closing above the psychological level of RM3.00 for 2 days in a
row. Purchases can be made above the broken
resistance with a close below RM3.00 as
the stop loss. The price target
is RM3.65 and then the psychological RM4.00. A false breakout of RM3.00 may
lead to a correction, with strong support at RM2.65.
SKP may resume
its uptrend after the firm move yesterday. Purchases can be made on a
close above the resistance level of RM0.55 or on a pullback
towards the stop-loss level of RM0.50. The price target is RM0.90, provided
that RM0.60 is broken convincingly. The
trade will not work out should the
stop loss be triggered, and
support is expected at RM0.45 and RM0.39.
Source: OSK188
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