Naked Chart Trading: GADANG 27 May 2024

The contract size may not as big as the others for now, but there is a huge space for growth. For instance, Bridge Data Centres (BDC), the subsidiary of Chindata in Southeast Asia, has acquired new land in Selangor for the development of its third data centre, MY02, in Cyberjaya, Malaysia as it expands its presence in Malaysia, which may open new possibilities for mroe data centre development in Cyberjaya.

The share prices just started a strong spike today, hitting more than 3 years high. Long term wise, the share prices in a downtrend since Oct 2016, followed by a U shape rebound recently. Based on Fibo analysis from Apr 2019 high to Mar 2020 low, share prices are currently testing 38.2% around RM0.470, followed by next resistance 50% RM0.550 and 61.8% RM0.640.

Support levels are RM0.415, RM0.365 and RM0.300. Trend now is in early testing rebound stage. The bull trend is not as strong as YTLPOWR and Gamuda, but watch out for future QR and development of Gadang.

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