POSITIVE TECHNICAL VIEW ON KAREX BERHAD
The world largest condom manufacturer, KAREX BERHAD has been falling from its year high at RM1.72 touching down the year low at RM0.50 due to multiple factors within the company such as disappointment in financial results for three consecutive quarters.
However, the stock has seen to be back on the running track since early of June from its year low RM0.50 crossing above the EMA 20 and EMA 50 as short term trend indicators. Despite the short term downfall in the FBMKLCI index from 1800+pts to 1650+pts, the stock still managed to break its strongest resistance at RM0.735 or EMA 50 and steadily maintained above the resistance-now turned support at RM0.735.
It is believed the stock will be running in the short run with the resistance & target price of RM0.925. Breaking above the resistance of RM0.925 will more likely show that the stock is on trend changing position.
FIBONACCI RETRACEMENT LEVEL
The world largest condom manufacturer, KAREX BERHAD has been falling from its year high at RM1.72 touching down the year low at RM0.50 due to multiple factors within the company such as disappointment in financial results for three consecutive quarters.
However, the stock has seen to be back on the running track since early of June from its year low RM0.50 crossing above the EMA 20 and EMA 50 as short term trend indicators. Despite the short term downfall in the FBMKLCI index from 1800+pts to 1650+pts, the stock still managed to break its strongest resistance at RM0.735 or EMA 50 and steadily maintained above the resistance-now turned support at RM0.735.
It is believed the stock will be running in the short run with the resistance & target price of RM0.925. Breaking above the resistance of RM0.925 will more likely show that the stock is on trend changing position.
FIBONACCI RETRACEMENT LEVEL
http://klse.i3investor.com/blogs/WannaBeTechAnalyst/162816.jsp
