Technical Stock To Watch on 18/9/2015 – HARBOUR (2062), ENGTEX (5056) & 3A (0012)

HARBOUR (2062) opened @ and closed well above resistance of MYR2.35 on 17/9 with supported by uptrend line but it was closed just nice @ MA50 (gold solid line) after market hours and it failed to test the subsequent resistance of MYR2.50 on the same day.   

HARBOUR Daily Chart

However, HARBOUR closed higher with Bollinger Band opened wider could be a sign that the rally would continue on the next day.

If MYR2.50 is able to break on 18/9, the next target for profit taken should be on 61.8% Fibonacci retracement level or MYR2.64-2.65.  

                                                                                         ENGTEX Daily Chart

ENGTEX (5056) made a “1 good bar with 1 good volume” on 17/9 with Bollinger Band opened wider and closed above MA50 (gold solid line).

ENGTEX showed a good example of breakout from a long ranging range since 12/8 (more than 1 month) and usually this kind of breakout is genuine, and furthermore the breakout is associated with an increased in volume.

One can consider to initiate a buy @ any price above MYR1.15 and the target price can follow the subsequent Fibonacci Retracement level of 61.8%, 78.6% or the recent peak of MYR1.32.

                                                                         3A Daily Chart

3A (0012) was able to break out the resistance of MYR0.97 on 16/9 with increasing in trading volume and made a higher high. The trading volume was also increased on 17/9 and even closed higher than the trading volume on 16/9.

The 1^st gap that formed during 24/8 was able to fill up on by 3A on 17/9. In case 3A is trading above MYR1.05 (the next resistance) on 18/9, the next gaps to be filled up are @ 50% and 61.8% of the Fibonacci Retracement level, in which the gaps formed on 6/8 & 7/8 happened concurrently with that levels.    

Happy Trading!

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