Daily technical highlights – (LIONIND, FRONTKN)
Author: kiasutrader Publish date: Fri, 19 Oct 2018, 08:39 AM
LIONIND (Not Rated)
• LIONIND climbed 2.5 sen to close at RM0.800 yesterday.
• Notably, yesterday’s move was supported by high trading volume. However, we find this rather unconvincing given the share’s strong primary downtrend.
• Moreover, the 20-day SMA is close to crossing below the 100-day SMA while other momentum indicators had not shown any meaningful signs of a reversal.
• Nevertheless, should strong buying momentum follow-through and break above RM0.950 (R1), expect next resistance at RM1.05 (R2).
• Conversely, downside support is identified at RM0.750 (S1) and RM0.600 (S2).
