Technical Pick: Abric (7061)

Abric has gained so much of interest since the beginning of the year with increased in daily volume and volatility.  On technical side, the stock is at uptrend with short term correction. It has been supported well by 20-days moving average even though it has now hoovering below 20-MA.

 

ABRIC_20150513By looking at the indicators, MACD is at zero line but the green bar on the past few sessions showed that it is poised for a back up to positive line any time soon. RSI has pointed to oversold indicating a buying support to be coming soon. Recent selling has also seen thin volume indicating the support is still strong and the stock will hold above RM0.495. A close above RM0.510 will see the stock testing immediate resistance of RM0.535 before the uptrend continues. Stop loss should be set at 0.495.

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

 

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