Bursa Malaysia ended mixed today with 451 gainers as opposed to 571 losers while 427 counters unchanged and 876 untraded. The benchmark FBMKLCI index closed marginally higher (or 3.68 points) at 1,535.41. Sector-wise, Consumer Products and Energy (or Oil & Gas) sectors were the top performers despite such lackluster market. Yet, some of the counters were under the limelight.
For instance, Tafi Industries (TAFI, 7211) climbed 42 sen to close at its day high of RM2.73 despite lacking fresh news. Recall that in end-September 2021, it was reported that TAFI targeted to turnaround through new business strategies in FY2021. Could the strong upswing hint its coming quarterly results? We have no clue, but chart-wise, TAFI is in the midst of testing its immediate resistance of RM2.75. A breach of which could see further upside to RM2.95, the upper Channel resistance line. Support is seen at RM2.35/30, its underlying Regression Line.
Hibiscus Petroleum (HIBISCS, 5199) and Ecomate Holdings (ECOMATE,) also appeared in Pick@Stock’s “Today Keywords”. However, there is no meaningful “Technical Signal” as per TrainYew’s Trading System. Nonetheless, a strong push above the Parabolic Stop-and-Reverse (PSAR) may flag an uptrend resumption. As for ECOMATE, a Muar-base ready-to-assemble (RTA) home furniture player, it was its first day of listing. The stock surged 15½ sen from its Initial Public Offering (IPO) price of RM0.330 despite a less than RM0.400 target price assigned by a research analyst in town.
In short, market could be in the midst of consolidating despite the showing of “Negative Signal” by TrainYew’s Trading System. This is because the FBMKLCI is still supported above the Bollinger Lower Band and the Band is unlikely to stage a volatility breakout in the near term. Hence, a rebound from here is still likely especially the RSI is hovering marginally above the Oversold-zone. If this anticipation materializes, the index could retest its resistance of 1,570/75. On the downside, the immediate support is seen at 1,525/20.
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THIS IS NOT AN ADVICE ON ANY INVESTMENT OR TO TIME THE MARKET. IT IS JUST SHARING FOR EDUCATION PURPOSES. PLEASE NOTE THAT ABOVE ANALYSIS ARE BASED ON BEST AVAILABLE INFORMATION ON PUBLIC PLATFORM. I WILL NOT ACCEPT ANY LIABILITY WHATSOEVER FOR ANY DIRECT OR CONSEQUENTIAL LOSS ARISING FROM ANY USE OF THIS INFORMATION.