GADANG (9261) - Daily technical highlights – (GADANG)
GADANG (Not Rated). GADANG rose to a 7-month high of RM1.14 before ending the day up 2.0 sen (1.8%) at RM1.13. The share price has gained 24.5 sen (27.7%) since its RM0.885 low in December last year.
Currently, GADANG’s overall trend is positive with the share price above all three key SMAs. More importantly, buying volume has been increasing over the past two days resulting in the 20-day SMA crossing over the 100-day SMA.
At the same time, the MACD-Signal line crossover yesterday is also indicative of a rising bullish momentum. Hence, we expect GADANG to remain on an upward bias. Immediate resistance levels to look out for are RM1.17 (R1) and RM1.24 (R2).
Downside support levels include RM1.06/1.08 (S1) where traders may consider accumulating. A breakdown of this support level will, however, be highly negative for the overall technical picture even though we expect some supports near RM1.00 (S2).
Source: Kenanga Research - 22 Feb 2017
GADANG (9261) - Daily technical highlights – (GADANG)
https://klse.i3investor.com/blogs/kenangaresearch/116420.jsp
