JHM has gone through a series of correction from RM2.600 region due to the correction in global tech companies. There’s a sign of reversal for JHM recently with the formation of higher lows and higher highs patterns. Strong closing was seen on Friday which saw JHM broke through the resistance at RM1.880.
JHM is currently trading at RM1.890, with immediate support at RM1.880 and immediate resistance at RM1.950. In view of the recent announcement on the joint venture with Skywooo Manufacturing Sdn Bhd and Technical Collaboration Agreement with Jiangsu Dekai Auto Parts Co., Ltd., which has enabled JHM to expand its automotive market shares in Malaysia as well as ASEAN region, we believe that JHM will challenge the resistance at RM1.950 in the near future.
Reason to monitor: Technical Reversal / Good Prospects
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