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After the stock skyrocketed 115.41% since September 2019, it is consolidating above RM0.41 support. The fall of -17.57% on 22nd October 2019 was cautionary because of a huge drop in a single day trading. Furthermore, the huge volume indicated there was a supply below RM0.50 resistance. The current trading range between the support and the resistance could be a good play for short-term traders.
RM3.00 serves as strong support for Genting Malaysia. The green candle with high volume on 7th August 2019 showed the huge demands rushed in to accumulate the stocks. The low volume trading days between August and October indicated a lack of supply and the buyers absorbed all the stocks available in the market. Presently, the stock has penetrated RM3.21 resistance and it will become the next support if the price continues to rally.
Ekovest is an extremely hot stock in Bursa Malaysia. It has been a hot topic since April 2019. Presently, there is short-term support at RM0.75. The closing price at the middle of the candle on 1st November 2019 means supply and demand are equal. At this time, the descending triangle and 10-day moving average below 65-day moving average are a strong indication that the retailers should avoid this stock.
AirAsia has formed ascending triangle during the week. The stock presents a possibility of further upside if it breaks RM1.91 short-term resistance. However, there is a major resistance ahead at RM2.10. It could be a good play for short-term traders, a strict cut lost rule must be carried out below the ascending triangle.
KNM is consolidated during the week. RM0.429 still serves as the support, avoid this stock if the price fell below this support. Further upside is possible if price rallies above RM0.466 resistance. Trade safely.