20050916 Technical Outlook-JetFM

Technical Outlook (16/8/2005 ) by Jupiter Research
CI up 4.91 points to close near the high of the day at 919.65 on high volume, this strong settlement price pattern somehow erases the negative scenario created on 14/9/2005; thus, creating a positive scenario for CI to test 930 again.
 
The one day close below 915 on 14/9/2005 did not seem to be decisive enough to send out a “confirmed” down signal to the market as a whole. Nevertheless, 930 remains the key level to watch.
 
For Friday market, Pivot Profit methodology indicates that the 1st and 2nd resistance levels will be 921.75 & 923.85; 1st and 2nd support will be 915.77 & 911.89.
 
Chart wise: CI is now seen moving toward 930 resistance level.
 
Technical wise: MACD still in negative territory; but, MACD line has just crossed over the signal line. Directional Movement Index shows that - DMI is above the + DMI. On Stochastics indicator, %K line is above the %D line in the neutral zone.
 
Our stock recommendations for today are:
B.I.G -Warrant (Trading Buy) at RM0.645 with stop loss at RM0.49;
Tenggara Oil (Trading Buy) at RM0.51 with a stop loss at RM0.435;
Foremost Hldgs (Trading Buy) at RM0.59 with a stop loss at RM0.45;
Ngiu Kee Corp warrant (Trading Buy) at RM0.265 with a stop loss at RM0.18