SNS Network poised for further gains after technical breakout — Rakuten Trade
The move is supported by rising trading volume and a recent bullish crossover in its exponential moving averages, a trend indicator that gives more weight to recent prices to help spot changes in a stock's direction more quickly.
In its technical research note today, Rakuten Trade said SNS has completed a cup and handle formation, a chart pattern typically associated with continued upward momentum, and is showing signs of strengthening trend.
The brokerage expects SNS to test its immediate resistance at 57 sen, with a higher target of 61 sen. Support levels are identified at 51.5 sen and 48 sen, with the latter also serving as the stop-loss level.
SNS last traded at 54.5 sen. The counter has rebounded significantly from its 52-week low of 34 sen but remains below its 52-week high of 96 sen.
Rakuten Trade classified the trend as bullish, while noting that the Relative Strength Index remains at a neutral level, suggesting further upside potential without entering overbought territory.
The brokerage added that all trading decisions involve risk and advised investors to conduct their own assessments and seek professional advice where necessary.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malay Mail
11 hours ago
- Malay Mail
Bursa opens higher, KLCI breaches 1,530 mark on US-China trade optimism, Anwar's policy boost
KUALA LUMPUR, July 24 — Bursa Malaysia opened higher today, with the benchmark index breaching the 1,530 level after three days of choppy trading, supported by optimism over US-China trade talks and improved domestic sentiment following recent policy announcements. At 9.06 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.48 points to 1,531.27, from yesterday's close of 1,529.79. The index opened 1.26 points firmer at 1,531.05. Turnover totalled 174.73 million shares worth RM85.33 million. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI closed near the 1,530 level on Wednesday, supported by Prime Minister Datuk Seri Anwar Ibrahim's positive announcements for all Malaysians. 'This is certainly a surprising feel-good factor, possibly intended to ease the Sales and Services Tax burden going forward. Whether this momentum is sustainable remains to be seen, but we expect the index to trade within the 1,530–1,540 range today,' he told Bernama. On the global front, Thong said Wall Street ended broadly higher as confidence grew over the latest progress in trade talks. Meanwhile, the US 10-year Treasury yield eased to 4.384 per cent. In Hong Kong, the Hang Seng Index surged to a three-and-a-half-year high, fuelled by optimism that fresh US-China trade talks are progressing positively, following the recently concluded US-Japan agreement. Among heavyweight counters, Maybank, 99 SpeedMart and SD Guthrie each added three sen to RM9.62, RM2.37 and RM4.78, respectively. PPB rose 17 sen to RM9.47, while Petronas Chemicals gained two sen to RM3.39. Top gainers were led by Nestle, which jumped 60 sen to RM77.50. United Plantations added 20 sen to RM22.00, Hong Leong Industries rose six sen to RM15.96, and Unisem gained five sen to RM2.26. Active counters were led by NexG and TWL, which were unchanged at 52 sen and 2.5 sen, respectively. Sunzen Warrant added half a sen to 10 sen, TT Vision advanced 3.5 sen to 60 sen, while SFP Technologies and Notion Vtec each gained one sen to 20.5 sen and 60.5 sen, respectively. On the broader index board, the FBM Emas Index rose 13.47 points to 11,508.02, the FBMT 100 Index gained 11.75 points to 11,265.91, and the FBM Emas Shariah Index advanced 11.34 points to 11,527.82. The FBM 70 Index was up 21.17 points at 16,665.26, while the FBM ACE Index added 2.25 points to 4,667.30. By sector, the Financial Services Index increased 27.47 points to 17,457.72, the Energy Index dipped 0.92 of a point to 742.26, the Plantation Index rose 16.49 points to 7,427.93, and the Industrial Products and Services Index edged up 0.04 of a point to 155.47. — Bernama
Free Malaysia Today
a day ago
- Free Malaysia Today
Bursa edges up as value seekers drive selective accumulation
KUALA LUMPUR : Bursa Malaysia opened marginally higher today, supported by value-seeking investors engaging in selective accumulation. At 9.06 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 0.63 of a point to 1,520.03 from yesterday's close of 1,519.40. At the opening bell, the benchmark index was 0.08 of a point higher at 1,519.48. Turnover stood at 126.93 million shares, valued at RM68.23 million. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the FBM KLCI closed lower yesterday in tandem with the weak regional performance. 'However, we expect value-seeking investors to continue supporting the market through selective accumulation. Hence, we anticipate the benchmark index to consolidate within the 1,510–1,520 range today,' he added. On the global front, Thong said Wall Street closed mixed, with the S&P 500 hitting another record high at 6,309.62 (+0.06%) as investors digested a new batch of earnings, including a tariff warning from General Motors. The Dow rose 0.4%, while the Nasdaq slipped 0.39% ahead of key earnings reports from major tech giants. Among the heavyweight counters, Maybank added four sen to RM9.57, Tenaga Nasional was two sen better at RM13.80, CIMB improved one sen to RM6.56, Public Bank lost three sen to RM4.28, while CelcomDigi and Press Metal were flat at RM3.79 and RM5.21, respectively. Active counters were led by NexG, followed by Enproserve, with both accumulating 1.5 sen each to 52 sen and 28 sen, respectively. PRG advanced half-a-sen to 9.5 sen, Eco-Shop added one sen to RM1.32, while EA Holdings was down half-a-sen to half-a-sen. On the broader index board, the FBM Emas Index was 13.04 points higher at 11,432.77, the FBMT 100 Index rose 10.54 points to 11,192.48, and the FBM Emas Shariah Index was up 7.64 points to 11,454.99. The FBM 70 Index gained 41.42 points to 16,597.29, while the FBM ACE Index trimmed 7.19 points to 4,617.41. By sector, the Financial Services Index put on 36.2 points to 17,346.87, the Energy Index edged down 0.46 of a point to 739.71, and the Plantation Index improved 12.40 points to 7,408.55. The Industrial Products and Services Index rose 0.11 of a point to 154.15.
BusinessToday
a day ago
- BusinessToday
Hang Seng Index Futures Eyes 26,000 As Bulls Take The Reins
RHB Investment Bank Bhd (RHB Research) has reiterated its long position on the Hang Seng Index Futures (HSIF) as the index continues to chart an upward path, closing 150 points higher at 25,134 during Tuesday's trading. The index began the session at 24,986 and briefly touched a low of 24,916 before surging to a high of 25,168, ending near the peak with a strong bullish candlestick. This pattern further reinforces the ongoing uptrend. In the evening session, HSIF added another 187 points, last seen at 25,321. RHB Research noted that the bullish momentum remains intact, supported by the Relative Strength Index (RSI) staying above the 50% level and the upward slope of both the 20-day and 50-day simple moving averages (SMA). With these technical indicators aligned positively, the index is expected to head towards the 26,000 resistance level in the near term. The firm has advised traders to maintain their long positions, first initiated at 21,416 on 14 April, with a stop-loss set at 23,000 to manage downside risk. Immediate support is identified at 23,800, while resistance levels are seen at 26,000 and subsequently at 27,000 if the bullish trend continues. Related
