Jaks has retraced back to the vicinity of the 50-day MAV line which is now situated at the RM0.78 level. The 50-day MAV line is the second most critical support line for the stock after the equally important 20-day MAV line was violated not too long ago. A break below the 50-day MAV line would trigger another round of massive selling pressure similar to that after the breakdown from the 20-day MAV line.
The next strong support is detected at the strong “Upside Gap” ranging from the RM0.585 level to the RM0.63 level.
To the upside, an immediate resistance lies at the RM0.875 level followed by the RM0.97 level. The near-term outlook of Jaks will turn bearish once the 50-day MAV line is convincingly violated.
The next strong support is detected at the strong “Upside Gap” ranging from the RM0.585 level to the RM0.63 level.
To the upside, an immediate resistance lies at the RM0.875 level followed by the RM0.97 level. The near-term outlook of Jaks will turn bearish once the 50-day MAV line is convincingly violated.
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