JAKS Daily Chart
A notable spike up in traded volume was seen in the latest session for JAKS (4723) with 1 white bar but the price was closed at MYR1.02 after resisted by both downtrend line and 50% Fibonacci Retracement level or MYR1.04.
In addition, JAKS showing its higher low is getting higher and higher (green arrows) and the last higher low is well supported by the 65-days Moving Average implying a rebound from downtrend to uptrend took place since 31/5/2016.
Should JAKS is trading breakout above both downtrend line and 50% Fibonacci Retracement level or MYR1.04 level decisively in the coming trading days, the nearest target level it would testing is the 78.6% Fibonacci Retracement level.
COMFORT Daily Chart
COMFORT (2127) undergone a correction after reaching its recent high of MYR0.815, which is also the 50% Fibonacci Retracement level on 27/9/2016 from a rebound lowest point at MYR0.605 since 24/6/2016 after suffered a major correction or downtrend from the historical high of MYR1.00.
However, a rebound was detected and COMFORT stayed and closed above the support level of MYR0.745 (red dotted line) in the latest session with full white candlestick.
COMFORT need to trade and stayed above the essential point of MYR0.755 in the coming trading days in order for the turning from the downward correction to upward direction from the recent rebound to be successful. In doing so, a significant increased in trading volume is needed to push further COMFORT to move higher to test the 50% Fibonacci Retracement level or MYR0.850 again.
UMSNGB Daily Chart
UMSNGB (7227) closed exactly at the downtrend line at MYR1.36 with improved volume in the latest session with 1 relatively long white candlestick after making a rebound on 19/9/2016 from the correction since 24/8/2016.
Besides, UMSNGB also well supported by 50% Fibonacci Retracement level or MYR1.33 during the consolidation period umtil a relatively long white candlestick was formed in the latest session.
In case the bull is set to breakout above the downtrend line to climb higher with significant increased in trading volume in the coming trading days, the nearest level it would be tested is the recent high of MYR1.46.
Good luck and happy trading!
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