Mar 14, 2017

JCY – Trading Buy

JCY Target Price RM0.71.

JCY Daily Chart (click to enlarge):jvc technical buy

JCY saw its share price climbing 2.5 sen (4.03%) to close at RM0.645 on strong trading volume. The bullish price action yesterday has led the share price to break out from its 1.5-month consolidation phase while settling above all its key SMA trend lines. MACD line is looking to stage a bullish crossover above its signal line to lend a hand on the bullish-bias outlook ahead, while positive uptick in daily RSI is indicating improved buying interest on the stock. From here, we reckon the immediate-term outlook to be biased to the upside, where a swift recapture of the immediate resistance level of RM0.655 (R1) would see the stock gear towards our target price objective of RM0.71 (3 bids below our measurement objective of RM0.725 (R2)). Key support levels to note are RM0.62 (S1)/RM0.58 (S2), where our conservative stop-loss level is placed at RM0.595 (3 bids below S1).

source: Kenanga Research – 14/3/2017

The company currently engaged in business of design and development of hard disk drive (HDD) and other technology-related activities.