Feb 27, 2017

Trading Buy - ENGTEX

Stock Code: 5056

engtex analysis

  • Target Price: RM1.40
  • Last closing price: RM1.28
  • Potential return: 9.3%
  • Support: RM1.25
  • Stop Loss: RM1.19

Uptrend continuation. ENGTEX’s share price consistently moved into higher low and higher-high, giving rise to formation of an uptrend after undergoing retracement from previous high of RM1.37. 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 level of RM1.29 be genuinely broken, it may continue to lift price higher to the next resistance level of RM1.40.

However, failure to hold at support level of RM1.25 may indicate weakness in the share price and hence, a cut-loss signal

Source: PublicInvest Research – 27/2/2017

The Group is involved in the distribution and wholesale of pipes valves and fittings (PVF) plumbing materials and general hardware products