Following our technical report dated 22nd June, Padini's
share price has since completed the ascending triangle pattern, reaching our measurement
objective of RM2.02 before the correcting back to the current level of RM1.89.
Interesting to note is that Padini's share price has been exhibiting consistent
short term cycles, and with the upward breach of the trigger line back in mid-June, the previous resistance line has
effectively turned support at RM1.82.
The current correction in Padini's share price has likely provided yet another
entry point and we reckon a good entry level may yet be found just north of the
support level at RM1.82 - RM1.85 (should the share price correct to these
levels). Support in the meantime remains solid at RM1.82, and further down,
RM1.80 where the 50-day SMA is at.
On the weekly chart, the share price is trading visibly
within the upward channel while the 20 and 50-day SMAs are comfortably located
above the 100-day SMA, indicating that the short to medium term uptrend remains
largely intact. The MACD is also trending upwards, further reinforcing our
overall bullish view on the stock.
Source: Kenanga
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