Current Stock Review – Eng Teknologi Holdings Bhd (stock code 8826)–Technology sector –RM1.69.
Above: Eng Teknologi daily chart (click to enlarge)
Chart wise
EngTeknologi’s share price is forming a double bottom,having found its support at RM1.43 that repelled two selling waves. It had also broken through the overhead resistance line while its technical indicators are on the move again towards the upside.
The preliminary target is RM1.85-1.90, although a failure to penetrate the immediate RM1.72 resistance may see the share price making a retracement to the RM1.43support to form multiple bottoms. Nevertheless, its rising indicators portends of better technical outlook for Eng Teknologi.
by Mercury Securities
