TECHNICAL AND FUNDAMENTAL ANALYSIS

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SAPRNG (5218) - Technical Analysis

March 23, 2019

Technical Analysis

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- SAPRNG enters upward parallel trend cum with high transaction volume support since Feb 14, 2019.

- After huge transaction volume appeared on Mar 15, 2019, SPARNG achieved RM 0.375 which is highest in Y2019.

- We noticed transaction volume has been back to lower level (less than 50% of transaction volume on Mar 15, 2019) and shares price entered retrenchment period with immediate support at RM0.340.

- SAPRNG shares transactions volume even drop further to 50.658M on Mar 22, 2019 but shares price was hovered between RM0.340-RM0.350.

- Low volume pullbacks are often a sign of weak longs taking profit, but suggest that the long-term uptrend remains intact.

- SAPRNG shares price will hit upward trend in coming week (Date: Feb 25-29, 2019)

- Based on Fibonacci theory, SAPRNG will enter a volatile period and it might have a great changing of trend in coming week.

- It is trying to challenge EMA120.......Suggest and/or Fail again?

- Resistance R2 @ RM0.455

- Resistance R1 @ RM0.375

- Support, S1 @ RM0.345

- Support, S2 @ RM0.275

 

Note:- 

- Brent Oil closed @ USD66.97 per barrel on Mar 22, 2019

 

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