Technical Pick: Gadang (9261)
First of all, lets look at how ABRIC is doing. Based on my previous technical pick, it has been doing really well and hit its all time high of 0.605 today. If your enter price was RM0.505, it would be RM 0.10 profit which is a whopping 19.8%. If you are in position, Abric is now at overbought position and extra caution should be in place. One should take partial or full profit at this point. Should you wish to hold it, I would think that a new exit point should be set at 0.575 if it goes the opposite direction. I suspect there were news flow on Abric that drew interest into this counter so remember: buy on rumour and sell on fact. By now, the rumour would have been widely spread so it is not right time to buy if you missed the boat.
Back to Gadang. The support seems to hold well at RM1.46 and it has seen a rebound to RM1.49 today. The MACD has seen 2nd day of green bar, and Stochastic has pointed positively. Buying interest has come in with RSI hoovering to 50% level.
Entry point should be at RM1.49 and stop loss at RM1.44. First target at RM1.56 follow by RM1.63.
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.