Public Bank’s longer term uptrend is intact although the selling pressure seen in the past few days has not eased. Strong support is expected at RM15.30 and further supports can be seen at RM15.00 and RM14.65. However, buying could make a return if the stock closes above RM15.70 and a purchase can be made if it sustains above this level. The price targets are RM16.00 and RM16.40.
Maybank’s downside risk has increased after closing below the 200-day MAV line for 2 days in a row. Traders may opt to sell the stock if it stays below RM8.90, with supports seen at RM8.75 and RM8.45. A sustained close above RM8.90, however, could trigger buying but strong resistance lies at RM9.20.
Sime appears to have found support after holding above RM9.15 in the past 2 days. A purchase can be made on a close above yesterday’s high of RM9.25, with a close below RM9.15 as a stop-loss. The price targets are RM9.50 and RM9.80, and both levels have to be violated to nullify the downside bias seen in the past year. Failure to sustain closes above RM9.25 could see the stock trade lower. Supports are at RM9.00 and RM8.70.
Axiata appears to have found support at RM6.20 after forming full bodied white candle yesterday. Buying should continue if it can maintain above RM6.40 and a purchase can be made on a close above this level, with a close below RM6.20 as a stop-loss. The price targets are at RM6.60 and RM6.80. However, selling will continue if the stock fails to stay above RM6.40 and supports lie at RM6.00 and RM5.60. Downside risk will increase if RM5.60 is broken.
CIMB appears to have found support rebounding off the round figure of RM7.00 yesterday. A purchase can be made if it closes above RM7.25, with RM7.00 as a stop-loss. The price targets are RM7.55 and the strong resistance of RM8.00. A violation of RM8.00 is needed to end the sideway move of the past 1 year. Failure to get above RM7.25 could see the stock trend lower. Strong supports can be found at RM6.90 and RM6.70.
DiGi could rebound after forming a “Hammer” yesterday. A position can be initiated if it closes above RM4.95, with a close below RM4.80 as a stop-loss. The price targets are the recent high of RM5.35 and RM5.50, the violation of both should extend the longer term uptrend. Failure to get above RM4.95 will likely see the stock trade lower and selling may intensify on a close below RM4.50.
Tenaga’s uptrend remains intact as it had stayed largely unscathed during the recent selling. A position can be initiated if it maintains a close above RM7.00, with a close below RM6.80 as a stop-loss. The price targets are RM7.20 and RM7.50. Selling may take over if the stock closes below RM6.80 and support is anticipated at RM6.80, with a stronger one at RM6.50.
Genting’s rebound looks intact after it continued to stay above the 200-day MAV line. Traders may opt to purchase if it stays above RM9.50, with a close below RM9.50 as a stop-loss. The price target is RM10.30, if the recent high of RM9.80 is broken. The stock may trade sideways if it fails to stay above RM9.60, with support seen at RM9.30 and RM9.00.
Source: OSK
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