KUALA LUMPUR: OSK Research said HO WAH GENTING BHD [] []'s (HWGB) share price rebounded by slightly more than 10% last Friday, June 24 where it closed at 42 sen.
'Nevertheless, it was considered a bearish rebound as the price action was capped below the downtrend line,' it said on Monday, June 27.
OSK Research said it would not be surprised if its share price were to start retracing down again if the stock eventually still fails to crack above this downtrend line.
'From the current level, look for an immediate support at the 36 sen level followed by the 33.5 sen level and the 31 sen level.
'To the upside, we are eyeing an immediate resistance at the 47.5 sen and 49 sen area followed by the 51.5 sen level. For now, its near-term technical outlook is firmly bearish,' it said.
'Nevertheless, it was considered a bearish rebound as the price action was capped below the downtrend line,' it said on Monday, June 27.
OSK Research said it would not be surprised if its share price were to start retracing down again if the stock eventually still fails to crack above this downtrend line.
'From the current level, look for an immediate support at the 36 sen level followed by the 33.5 sen level and the 31 sen level.
'To the upside, we are eyeing an immediate resistance at the 47.5 sen and 49 sen area followed by the 51.5 sen level. For now, its near-term technical outlook is firmly bearish,' it said.
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