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Monday, June 27, 2011


HWGB’s share price rebounded by slightly more than 10% last Friday. Nevertheless, it was considered a bearish rebound as the price action was capped below the downtrend line. Hence, we will not be surprised if its share price were to start retracing down again if the stock eventually still fails to crack above this downtrend line. From the current level, look for an immediate support at the RM0.36 level followed by the RM0.335 level and the RM0.31 level. To the upside, we are eyeing an immediate resistance at the RM0.475-RM0.49 area followed by the RM0.515 level. For now, its near-term technical outlook is firmly bearish.

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