Ann Joo Resources Stock Code: 6556
Since reaching a YTD high level of RM1.26 back in mid-April, ANNJOO has undergone a correction as it retraced towards RM1.00 level. ANNJOO seems to be finding some buying support over the past two days and rose 5.0 sen (4.95%) to RM1.06 yesterday to break out from its downtrend resistance line. MACD histogram is currently flattening out above its support line to suggest that downside could be limited from here. Meanwhile, uptick in RSI and Stochastic are reflecting the buying interest on the stock. If the share price manage to garner follow-through buying interest, it could trend towards RM1.13 (R1) and possibly RM1.26 (R2) next. Meanwhile, failure to attract another strong volume gain in the next few days could likely result in the share price consolidating towards RM1.00 (S1), where the next level of support is noted at RM0.94 (S2).
Source: Kenanga Research – 19/05/2016
ANN JOO RESOURCES BERHAD
The principal activity of the Company is investment holding. The principal activities of its subsidiaries are property management and management services Trading retailing importing exporting and supplying of all kinds of metal products manufacturing sales and distribution of steel and iron products and steel service centre.