By Kenanga 18/2/16. HOHUP (Trading Buy, TP: RM0.945). In the sell-off over the past two months, HOHUP saw its share price retreating from a high of RM1.09 to last week’s low of RM0.82. Nevertheless, the share price appears to have marked a bottom and is poised for a short-term technical rebound.
The share price closed at RM0.86 yesterday, up by 1.5 sen (+1.8%). With yesterday’s bullish move, both the Stochastic and RSI indicators have turned upwards from oversold levels to reflect a pick-up in buying activities. Of note, the current technical picture bears a strong resemblance to the previous sell-down and subsequent strong rebound during the Aug-Sep 2015 period (see chart). Should history serve as a guide, we would expect HOHUP to retrace around 61.8% of its recent downward move towards the RM0.96-RM1.00 resistance. For this trading strategy, traders should aim to take profit at RM0.945 (3 bids below RM0.96 resistance), while setting a protective stop-loss of RM0.805 (3 bids below RM0.82 support).
They want money ok but should ensure share price to go up, not the opposite! DRopped soooooo much already. Profit good also drop drop! What are the directors doing? Damn it!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
15% to 20%
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Posted by 15% to 20% > 2016-02-18 09:25 | Report Abuse
By Kenanga 18/2/16.
HOHUP (Trading Buy, TP: RM0.945). In the sell-off over the past two months, HOHUP saw its share price retreating from a high of RM1.09 to last week’s low of RM0.82. Nevertheless, the share price appears to have marked a bottom and is poised for a short-term technical rebound.
The share price closed at RM0.86 yesterday, up by 1.5 sen (+1.8%). With yesterday’s bullish move, both the Stochastic and RSI indicators have turned upwards from oversold levels to reflect a pick-up in buying activities. Of note, the current technical picture bears a strong resemblance to the previous sell-down and subsequent strong rebound during the Aug-Sep 2015 period (see chart). Should history serve as a guide, we would expect HOHUP to retrace around 61.8% of its recent downward move towards the RM0.96-RM1.00 resistance. For this trading strategy, traders should aim to take profit at RM0.945 (3 bids below RM0.96 resistance), while setting a protective stop-loss of RM0.805 (3 bids below RM0.82
support).