Weekly Technical Highlights (Week 15/04/19)

Profile stock list:

Might turn bearish:
1. Annjoo
2. Gadang
3. Gkent
4. IGBreit
5. Maybank
6. Pavreit
7. VS

Might turn bullish:
1. Homeritz
2. Penta
3. YOCB

In Side way mode:
1. CIMB
2. EWINT
3. Harta
4. JAG
5. L&G
6. Pohuat

1. Annjoo (Bearish)

- The price has been trending up since 1st of April, obviously, the price trend was created by short term technical traders.
- The price breakout the previous high resistance point at RM1.59 and continue to break the uptrend resistance line supported by high volume traded as market speculated on the ECRL news.
- The upward momentum has exhausted as profit taking started, doji appeared at the highest point, following by the evening star pattern. Short term bearish trend has initiated.

-Weekly graph, if the price cannot stay above RM1.725 for the following trading week, the trend will reverse. Next support line will be at RM1.65. 

2.CIMB (Sideway)

CIMB is still in a very bearish trend. Price closes below all MA lines. No sign of rebound. The latest trend is moving in side way with lesser volume traded. It is time to catch the bottom fish, we should monitor closely on the lowest point. A potential price rebound can be spotted with the rising of daily volume and the price does not make a new lowest low but closing higher.

3. EWINT (Sideway)

EWINT is still in side way trend. RM0.72 is a strong support line. Although the price does not break below the support line, but it didn't break the previous high . Resistance line is still unbreakable. Due to the Brexit issue and falling of UK housing price have threaten the EWINT businesses. 

"House prices are likely to continue falling for another six months in the UK and for the whole of 2019 in London and the south-east, according to an industry survey."

Same as CIMB, it is a patient game, we have to wait for the price rebound to come.

 4. Gadang (Bearish)

The price has touched the uptrend resistance line and bounced back. The trend has turned bearish recently. Selling pressure is still stronger than buying. We will see the first support line is at RM 0.70 following with the next support of RM0.676 under Fibo 0.236. If the major uptrend is still strong enough, the price will close at higher low and trend up again. Buy when it rebound from support line.

5. Gkent (Bearish)

This counter has extremely huge volume traded in a single day at almost a 4 times larger than the average daily volume. Usually this kind of trend, it is the third Elliot wave. Big fund is pushing up the price. Going forward, the big fund will dump the share and take profit. Recent candle sticks show signals of profit taking, selling pressure is higher than buying.
Right now, the resistance line has become the latest support line for the price, it will be more valid if price close and stay above for 3 trading days.
At this moment, not a good sign to buy in, it has high possibility to turn into bearish trend as price cannot break the highest point.

6. Harta (Sideway)

Harta is still in the bearish trend, but I reckon it is almost reached the end. Right now, stock price is moving in the correction waves.
Potential rebound if:
- price does not make new lowest point
- price breaks the previous high and closes higher
- manage to break the downtrend resistance line

7. Homeritz (Bullish)

Homeritz price has been dropping since early of Jan 2016 until today. This week, the price is breaking the 52 weeks lowest point record.
On weekly graph, it appears as doji candle. We will see whether the price can close with green candle pattern in next trading week.
Hopefully it can make a morning star pattern, then the stock will rally.

8. IGBreit (Bearish)

- The price has made the 52 weeks highest price. 

- Price almost reaches the resistance trend, while it does not have much volume to support it.

Hence, if the price cannot stay at the highest point for the following trading days, market will trigger sell down to take profit. 

9. JAG (Sideway)

The price is moving in side way trend. Major trend is still a bearish. The price is hard to move up with minimum trade volume. 

10. L&G (Sideway)

   

Same as JAG, price is moving in side way trend. Overall, market is still bearish. 

11. Maybank (Bearish)

Maybank price is moving in a descending triangle pattern. If the price breaks below the support line, it will have another major sell down by technical traders. 

Market sentiment is still weak on banking sector amid the potential interest cut by bank negara. Price closes below the bottom of previous solid red candlestick.

12. Pavreit (Bearish)

Pavreit price has made a new 52 weeks highest price record which is RM1.85 on 9th of April. But traders were trying to take profit on the following trading days. The price unable to maintain and break above the highest point and fall back. 

If the price falls below the support line, the uptrend will be ended. Price will either move in side way or down trend.

IGBreit trend might be similar to Pavreit.

13. Penta (Bullish)

Undoubtedly, the bullish trend is still strong and steady. Thanks to the bonus issue proposal. RM3.96 is the support line. Price has managed to stay above the support line for 4 trading days after the price has crossed above the uptrend resistance line. 

The coming trading week, I reckon that the price will go side way with some minor trending up.

14. Pohuat (Sideway)

Price movement is trading inside the inside bar tunnel. 

Support line: RM 1.50

Resistance line: RM 1.56

If the price cannot breakout both lines, it will move within the range.

15. VS (Bearish)

Ideally, VS should turn upward following the ascending triangle pattern. The strongest resistance line (RM1.09) was unable to breakout and go lower. Don't think there will be a uptrend.

16. YOCB (Bullish)

YOCB is currently moving in a side way trend. The trade volume has increased and the price is remain stable. This is the initial sign of rebound in the side way trend. 

MACD is going to make positive crossing in the following trading week as we can predict based on the shrinking histogram. 

CCI moves upward. Although it is still within the negative range, with that kind of momentum, I am sure it can move into positive by next week. 

We should see the price increases supported with the volume trade.