Frontken Coporation Berhad (0128) on 18.3.2019

Frontkn (0128) profit is increasing every quarter. Stong fundamental company.

The price has been increasing since December 2018. The ascending triangle between December 2018 and January 2019 shows an accumulation. Before the release of December 2018 quarter result, the price penetrated the RM0.76 resistance line and moved up to RM0.97 and forming the second ascending triangles. These triangles also look like pennants.

One of the drawback is the candles on 6.3.2019 8.3.2019 and 11.3.2019 with high volumes. These candles show selling pressures at the price of RM0.97. However, the 18.3.2019 candle show demand and the price refuses to go down. If the price breaks the RM0.97 resistance, it will go up impulsively.

Author: Gerald Koh