Date of Report
September 30, 2024
Broker Name
CGS International Securities
Company Overview
Superlon Holdings Bhd is an investment holding and management company. Through its subsidiary, the company designs, tests, and manufactures thermal insulation materials primarily for the heating and air conditioning industry.
Stock Performance and Technical Analysis
As of September 30, 2024, Superlon Holdings’ last trading price was RM1.03. The stock has demonstrated an upward bias, forming a long white candle following a surge in trading volume. This price movement marks the first time Superlon Holdings has closed above the 200-day Exponential Moving Average (EMA) since early August 2024, signaling a month-long rectangle breakout pattern.
The higher lows sequence from the RM0.815 low further underpins the stock’s upward trend, supported by technical indicators showing positive momentum.
Key Support and Resistance Levels
- Entry Price(s): RM1.00 – RM1.03
- Support Levels: RM0.935 (Support 1), RM0.89 (Support 2)
- Stop Loss Level: RM0.93
- Resistance Levels: RM1.10 (Resistance 1), RM1.14 (Resistance 2)
- Price Targets: RM1.10, RM1.14
Investment Insights
Aggressive traders may consider going long on Superlon Holdings, especially on weakness. A stop-loss is recommended at RM0.93, just one tick below the 50-day EMA. With positive technical signals, prices may continue to rise and test the historical resistance levels of RM1.10 and RM1.14.
Technical Indicators
- EMAs: The stock’s price closed above the 200-day EMA, reflecting renewed bullish momentum.
- MACD: The Moving Average Convergence Divergence (MACD) has hooked higher, indicating that the bulls are still in control.
- RSI: The Relative Strength Index (RSI) has also moved upward, signaling continued strength in the stock’s bullish trend.
Conclusion
Superlon Holdings has shown significant bullish signals, with the stock breaking out of a month-long consolidation pattern. Strong technical indicators, coupled with higher trading volumes, point to further potential upside, making it an attractive target for aggressive traders looking to capitalize on its upward momentum.
