MALAKOF: Uptrend Continuation With Potential MACD Crossover?
Overall: The stock is in uptrend with MACD showing potential sign of crossover. If this is confirmed, expect stronger bullish momentum.
Top 30 volume today
MALAKOF is actively traded and is among the top 30 stocks on Bursa Malaysia today. There were 13 million shares traded, and the share price was up slightly. What is the technical outlook for this stock?
News on 28-August-2024 653pm
The Edge Malaysia reported that “Malakoff Corp Bhd reported its second consecutive quarterly net profit despite lower revenue, on the back of higher earnings contributions from two Johor-based power plants amid reduced coal costs, coupled with a compensation received for compulsory land acquisition. Net profit for the three months ended June 30, 2024 (2QFY2024) came in at RM93.6 million, compared to a net loss of RM318.7 million a year ago, according to the independent power producer's bourse filing.”
1. Trend Analysis
The stock has been in an uptrend since the beginning of the year, with higher highs and higher lows.
Recent price action shows a pullback, but it remains above key moving averages (150-day and 200-day), suggesting the uptrend is still intact.
2.Moving Averages
The 20-day and 50-day moving averages are still above the 150-day and 200-day, which is typically a bullish signal.
However, the price recently tested the 50-day moving average and bounced back, indicating potential support.
3. Bollinger Bands
The price has moved back within the Bollinger Bands after touching the lower band, which often suggests the pullback might be ending.
Bollinger Bands are narrowing slightly, indicating a potential consolidation phase.
4. MACD
The MACD line is below the signal line but shows signs of starting to curve upwards, which might indicate a potential bullish crossover soon.
5. Volume
Recent volume spikes on up days suggest some accumulation, which could support a further move upwards.
6.Support and Resistance Level
Resistance 1: 96 sen
Resistance 2: RM1.00
Support 1: 87 sen
Support 2: 82.5 sen