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apple developer:Eye on stock - Kpower


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KPOWER Bhd (code:7130) made a strong advance towards the 50-day simple moving average (SMA) yesterday, which ended the sideways trading it has been seeing since March.

The stock also broke through the descending trend line that began since it fell off its peak on Jan 19. However, a more convincing signal of a sustained recovery would be a bullish crossing of the 50-day SMA, which would signal strong bullish sentiment and increased buying interest as the stock resumes its recovery.

Failing to do so, the share price could succumb to profit-taking and return below the descending trend line, indicating sustained downward pressure.

Reinforcing this view, the short-term 14 and 21-day SMAs remain in horizontal positions and are uncommitted to a rally. As such, further positive sessions would help to turn the averages in a favour of an uptrend.

Overhead, the counter is eyeing a resistance of RM2.31, its most recent high that in surpassing would confirm the resumption of a short-term uptrend.

Higher still on the chart is the next resistance of RM2.61.

The counter saw a return of trading volume yesterday, arriving at levels not seen since early March.

The technical indicators were also bullish with the slow-stochastic advancing past 60 points while the 14-day relative strength index edged higher into overbought territory at 71 points. The latter indicator remains healthy and can push higher still into more extreme overbought levels.

The daily moving average convergence/divergence line has also crossed above the signal line and is pacing higher, reflecting the onset of a bullish momentum.

To the downside, support is found at the stock’s recent low of RM1.85. Next support is found at RM1.75, a negative breach of which would see the counter return to a correction trend.

The comments above do not represent a recommendation to buy or sell.



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