Technical Pick: Success (7207)

Success Chart

Success Chart

Share price for SUCCESS (7207: KLSE Main) has gone down 23% between 27/11/14 and 16/12/16 compared to a 9.3% drop in KLCI index for the same period.

The stock has hit a 6-month low of 1.53 on 16/12 before it rebounded yesterday to close at 1.58. In the morning session today, it continued to trade higher along with the main market rebound and last traded at RM1.67. Accumulated volume is 130,000 as of 11:00AM and should be able to record 300,000 which is the 50 days average volume. If the bullish momentum continues, it has a high chance of testing RM1.75 which is the immediate support before inching higher to test its RM1.90 next resistance.

Do note that if it goes lower, trader should stop loss if it breaches RM1.45 which is a major support.

Disclaimer: None of the strategies, stocks or information discussed or presented are financial or trading advice or recommendations. The author assumes no liability including for errors and omissions. Everything presented are the author’s ideas and opinions only.  The author may or may not at any time be holding securities discussed. Trade at your own risk.

Leave a Comment

Your email address will not be published. Required fields are marked *