IHH Healthcare: An Uptrend Defensive Stock
News on 4-Sep-2024, 644pm
The Edge reported that “IHH Healthcare Bhd, Malaysia’s biggest hospital operator, said on Wednesday that it is acquiring 600-bed Island Hospital in Penang for RM3.92 billion in cash from Comprehensive Care Sdn Bhd.”
Volume:
The volume appears consistent with the price movement, which supports the uptrend.
Moving Averages:
The price is above the 50-day, 150-day, and 200-day moving averages (MAs). This is a bullish sign, indicating an uptrend.
The 20-day MA is also acting as support, which further strengthens the bullish outlook.
Bollinger Bands:
The price is near the upper Bollinger Band, which may suggest that the stock is in a strong uptrend but could be slightly overbought in the short term. However, staying close to the upper band is often seen in strong trends.
MACD:
The MACD line is above the signal line, although the histogram shows a small gap. This is generally bullish but indicates momentum could be slowing down slightly.
Support and Resistance
Resistance 1: RM6.70
Resistance 2: RM7.00
Support 1: RM6.30
Support 2: RM6.15