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M+ Wiz: of Momentum and Swings

As shown in the chart above, number 1 indicates the share price formed a consolidation and made a breakout on last Friday. On the other hand, number 3 has shown the MACD has crossed above the centreline, above zero-level.

Are you still missing out on our highlighted stocks on M+ Wiz? IQGROUP is up by 34.9%!

In our previous post, we have explained the function of blue highlighted and yellow highlighted alerts. For those who wish to review, can go to our post M+ Wiz: Highlights (https://mplusonline.blog/2020/04/22/m-wiz-highlights/). 

In short, the blue highlighted alert means that this counter is one of our closely monitored stocks for a potential buying momentum and upward swing. For traders who are having problems with selecting stocks, they can pay attention to these highlighted counters for a possible trading opportunity. Some highlighted counters today include (but not limited to):

  1. IQGROUP (5107)
  2. HEXZA (3298)

IQGROUP (5107)

IQGROUP was alerted during the morning session, triggered two trading rules: Bullish MACD Centerline Crossover and Resistance Breakout with High Volume. Its share price opened 0.5 cents higher at RM0.415 and went as high as RM0.56 in the afternoon before closing at RM0.515 with 10.5 cents gains. 

As shown in the chart above, number 1 indicates the share price formed a consolidation and made a breakout on last Friday. On the other hand, number 3 has shown the MACD has crossed above the centreline, above zero-level. All these comes with a greatly improved trading volume on Friday (number 2) which convinced us on the breakout and buying interests. With all these criteria, it creates a marvellous trading entry for momentum traders when the stock price made a momentum breakout this morning. It provided a good 14.5 cents or 34.9% upside for an intraday trader!

One should also be aware that this stock is having lower trading liquidity based on its historical chart. In addition, its prior rally from 21 cents to 43 cents didn’t come with a strong volume. Therefore trader will need to be cautious on the sustainability of the rally with immediate resistance at RM0.70.

HEXA (3298)

270420_HEXZA

Besides IQGROUP, we have included HEXZA under our monitoring list today. It is technically positive given its strong buying on last Friday. The stock was triggered under [TREND] Support Rebound as the system detected a potential continuation rally on its support rebound from the 20-Day Moving Average. However, the price is capped at RM0.845 resistance area instead of a momentum breakout. Given its lower trading volume today, the likelihood of making a pullback has greatly increased rather than a breakout of resistance. Immediate support for HEXZA is identified at RM0.79.

Other highlighted stocks include SCGM (7247) and ASTRO (6399).

SCGM (7247)

270420_SCGM

ASTRO (6399)

270420_ASTRO

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Technical Focus – LHI

One of the largest fully integrated producers of poultry, eggs and livestock feed in Southeast Asia with strong presence in Malaysia, Indonesia, Vietnam and Singapore. Committed to expand the Malaysia, Philippines and Vietnam operations via additional capacities and infrastructures, whilst targets 160 Baker’s Cottage outlets by end-FY21 (from 103 outlets since end-FY20). Sequential earnings recovery is on the table, premised to the stabilising poultry prices in Malaysia as well as Indonesia in recent months. Technically, the flag-formation breakout above RM0.71 may lead price towards the immediate resistances at RM0.775-0.82, with long term target at RM0.885.

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