PERDANA (7108) - Technical Analysis

Technical Analysis


- After PERDANA inks time charter contracts worth RM50.1m on Jan 9, 2020, shares price don't reflect the positive new immediately and closed at RM0.400.

- Furthermore, the major shareholder started to acquire PERDANA via RCPS at RM0.325 which further increases buying force to push up PERDANA shares price on Jan 8, 2020 (Just right before good news!?)

- It is a really good study case for my own research. Why shares price cant bounce right after good news and company management's RCPS subscription.

- Based on technical analysis, PERDANA completed a double bottom reversal with resistance break at RM0.363.

- With reference to the double bottom reversal pattern, PERDANA shares price also hit measurement satisfaction point at RM0.415 and RM0.490 on Nov 19, 2019, and Jan 19, 2020, respectively.

- MACD has seen like trying to challenge previous high on Nov 22, 2019, so if it fails to complete higher high, MACD is going to have a deviation direction compare to PERDANA shares price which indicates a higher selling pressure on the shares price.

- Meanwhile, RSI also completed a cross above 80 levels and heading downward which is a red flag of shares prices.

- With the above technical analysis, It is a high chance that PERDANA shares price will drop from to top to close gap up on Jan 13, 2020.

- Resistance (1): RM0.523

- Support (1): RM0.415

- Support (2): RM0.363


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