Today market was having a minor correction on FBM composite index and a minor to moderate correction on the lower liners. Overall market was very quiet with trading volume slightly more than yesterday. The FBM KLCI fell 2 points and just closed above 1270.
Genting - Technical position is looking good. Support at 7.24 and resistance is 7.40. The price was retreated 7 cents after the closing price calculation at 4:50pm. I think I know why it drops.
KPJ - Up trend continue but there is volume divergence. However the price is convergence with the indicators. I believe it still can go higher if the market sentiment comes back next week.
The "Ex-dividend"(10%) is on 15 of Dec. If you do not want the dividend, you may take profit before 15 Dec. Normally the price will drop after the "Ex-dividend".
Adventa consider as consolidation and minor correction for Supermax.
Measat up 14%, looking for profit taking on Monday before it restore the up trend.
Hiaptek might restart the up trend if the market sentiment comes back next week. The volume today is insufficient for it to break the resistance 1.48. Watch for break out resistance 1.48 and 1.51 next week.
Sapcres had drop below 2.25, short term does not look good if it stay below 2.25. Bearish divergence on this stock is seen, as the up trend did not carry on 2 days ago.
Notion - After broke 2.75 and goes as high as 2.78, the price pulled back and closed at 2.69. The candlestick forms an inverted hammer, which indicates a short-term correction or consolidation.
Other Stocks to Watch
AMMB’s technical position almost set, this is a slow and steady rising stock. Immediate resistance is 5.07.
EONcap has no technical position but the volume is very high today. It closed the gaps as well as broke the short-term resistance 6.04 but unable to sustain. Is it a 1-day show or a real up trend? Keep monitor next week.
