Trading Stocks - 4 May 2016 - Mycron Steel | Kerjaya Prospek | Destini | Melewar | Pasdec | Tadmax






Mycron Steel may trend higher after breaching the MYR0.42 level in its latest session to reach a new 52-week high. A bullish bias may be present  above  this  point,  with  a  target  price  of  MYR0.50.  On  the other hand, the  stock  may  drift  sideways  if it dips  back below the MYR0.42  level.  Support  may  be  found  at  MYR0.40,  where  traders can exit upon a breach to avoid the risk of a further correction. Note that a stronger support is expected at MYR0.365.

Kerjaya  Prospek  Group  may  climb  further  after  surpassing  the MYR1.86  level  to  extend  its  mulit-year  high  in  its  latest  session.  A bullish bias may be present above this point, with a target price of MYR2.10,  followed by MYR2.30. The stock may  consolidate furtherif it retraces below the MYR1.86 level in the near term. Support may be  found  at  MYR1.76,  where  traders  can  exit  upon  a  breach  to avoid the risk of a further correction.


Destini  rebounded to test the MYR0.61 level in its latest session in after a period of correction. The bullish bias may be enhanced if the stock  surpasses  this  point  in  the  near  term,  with  a  target  price  of MYR0.68,  provided  the  MYR0.635  resistance  can  be  violated. However, it may consolidate further if the MYR0.61 mark cannot be surpassed.  Support  may  be  found  at  MYR0.575  where  traders  can exit upon a breach to avoid the risk of a further correction.
 

Melewar  Industrial  Group  rebounded  to  test  the  MYR0.34  level  in its  latest  session  after  a  period  of  correction  recently.  The  bullish bias may be enhanced if the stock surpasses  this point in the near term,  with  a  target  price  of  MYR0.37,  followed  by  MYR0.41. However,  it  may  drift  sideways  if  the  MYR0.34  mark  cannot  be surpassed.  Support  may  be  found  at  MYR0.31  where  traders  can exit upon a breach to avoid the risk of a further correction.
 

Pasdec  was  testing  the  MYR0.395  level  in  its  latest  session.  The bullish bias may be enhanced if the stock surpasses  this point in the near  term,  with  a  target  price  of  MYR0.42,  followed  by  MYR0.45. However,  it  may  take  a  breather  if  the  MYR0.395  mark  cannot be surpassed.  Support  may  be  found  at  MYR0.345  where  traders  can exit upon a breach to avoid the risk of a further correction.

Tadmax was testing the MYR0.355 level after crossing below the 50-day SMA line in its latest session. Traders may expect further selling if  it  falls  below  this  point  in  the  near  term,  with  the  next  supportanticipated  at  MYR0.335,  followed  by  MYR0.305.  The  stock  may trade sideways if  holds  above the MYR0.355 mark. The bullish  bias may return if it climbs further above the MYR0.39 level.
Source: RHB Research - 4 May 2016

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