Stock Code: 4944
- Target Price: RM0.610, RM0.630
- Last closing price: RM0.560
- Potential return: 8.9%, 12.5%
- Support: RM0.540
- Stop Loss: RM0.530
Possible for bottom fishing. Without creating new lower-low, the sharp retracement from high of RM0.725 made a halt and NYLEX’s share price is now supported above RM0.540. Both bullish RSI and MACD indicators signal reasonable entry level, with anticipation of continuous improvement in both momentum and trend in near term. Should resistance range within RM0.575 and RM0.585 be broken, it may continue to lift price higher to the next resistance level of RM0.610 and RM0.630, eventually.
However, failure to hold at support level of RM0.540 may indicate weakness in the share price and hence, a cut-loss signal.
source: PublicInvest Research 11/1/2017
NYLEX (MALAYSIA) BERHAD
The Company is principally involved in investment holding and the manufacture and marketing of vinyl-coated fabrics calendered film and sheeting and other plastic products including geotextiles and prefabricated sub-soil drainage systems.