Disclaimer

Disclaimer :We shall not be liable for any direct or consequential loss arising from any use of material contained in this publication. The information contained in this report is based on data obtained from sources believed to be reliable and opinions formed are from belief of the individual author. The Publication should not form basis to be relied upon in decision making. Any future outlook,forecasts or any future interpretation are in no event guaranteed and are merely opinions and views of the author.

Wednesday, 23 October 2013

DESTINI (7212)


 DESTINI BERHAD                                                                                                           HAFIZ RUSLI

Share analysis
Based on the daily chart, down trend still intact. Lower high and lower low can be seen on the chart. I reckon that the price close to bottom due to oversold RSI and MACD. Shooting star can be notice
on the latest closing followed by back to back red closing. Volume diminishing at market bottom indicate selling climax is over and the stock is set to rebound. Failure to stay above support zone will lead to further correction.

Trading advice
Buy on weakness is advisable. Trader may initiate new position at Rm0.315 – Rm0.335 level with a tight stop loss. The upside immediate target will be at R1 and the second target will be at R2. Stop loss will be at Rm0.29 which is below the Rm0.30 level. Use indicator to confirm the rebound:
                  1. RSI pointing up towards overbought territory
                  2. Positive crossover on MACD

Price projection
Short term               -Resistance Rm 0.38 (Significant level of resistance)
                                -Support Rm 0.30 (Significan level of support, psychological support)
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