Report Date and Broker
Date: October 3, 2024
Broker: CGS International
Company Overview
Jaya Tiasa Holdings Berhad is an investment holding company that provides management services, oil palm production, and timber extraction. Through its subsidiaries, the company manufactures and trades in sawn timber, blockboard, plywood, veneer, and related wood products. Additionally, Jaya Tiasa offers air transportation services and imports wood products.
Technical Analysis and Stock Performance
As of October 3, 2024, Jaya Tiasa Holdings’ stock price closed at RM1.12, marking its two-month high. The stock formed a white candle, indicating a strong close and suggesting follow-through buying over the upcoming weeks. The stock had broken out of a downtrend channel in mid-September, further reinforcing the bullish sentiment.
The stock is now trading above its Exponential Moving Averages (EMAs), which indicates that the bulls are in control of the near-term outlook.
Entry and Support Levels
- Entry Price: RM1.06 – RM1.12
- Support 1: RM1.05
- Support 2: RM0.985
- Stop Loss: RM0.98
Resistance and Target Levels
- Resistance 1: RM1.15
- Resistance 2: RM1.20
- Target Levels: RM1.20, RM1.26
Momentum Indicators
- Moving Average Convergence Divergence (MACD): Strengthened, indicating rising buying momentum.
- Relative Strength Index (RSI): Further strengthened, suggesting that the stock’s upward momentum is increasing.
Trading Strategy
The analysis suggests that aggressive traders might want to consider going long either at current levels or on any price weakness, with a stop-loss set at RM0.98 (just below the last swing low). The price could push higher towards RM1.20, which is the 50% Fibonacci retracement level, and potentially reach RM1.26, the 62% Fibonacci retracement level.
Conclusion
With the stock’s strong performance and favorable technical indicators, Jaya Tiasa Holdings appears to be positioned for further upward momentum in the near term.
