Naked Chart Trading: WCT x MALTON x PAVREIT 7 Jun 2024

WCT broke out from double bottom bullish rebound and long sideway since pandemic in just 1 week. Major trend of WCT is in a sideway to bearish trend as the share prices hit its high in year 2017, followed by a major downtrend and enter sideway.

I do not see there is long term strong bull trend signal for now, so Fibo analysis I drawed is based on Jul 2019 high and pandemic low. The strong spike is testing 61.8% around RM0.820, close above RM0.900 to trigger more upside. Next resistance levels are RM1.20, 123.6% RM1.40, 138.2% RM1.55, 150% RM1.65 and 161.8% RM1.80.

Support levels are RM0.770, 50% RM0.70, 38.2% RM0.570 and 23.6% RM0.450

MALTON also hit more than 2 year high within 1 week, but due to long term sideway to lower trend, I do not expect this will be a major bullish reversal for now, pending more official material announcement. I drawed Fibo analysis using Apr 2019 high and pandemic low.

The fibo analysis is quite similar to MALTON, where the share prices hit its highest in year 2017 and followed by a major downtrend then enter sideway, with now is testing 61.8% around RM0.510, close above RM0.550 to trigger more upside. Resistance levels are RM0.620, RM0.810, and RM1.

Support levels are RM0.450, RM0.390 and RM0.330

I personally prefer PAVREIT over the other two. First, the trend looks better, long term trend in a sideway to bullish trend. Second, Pavillion KL is full of crowd with Pavillion Bukit Jalil is growing fast, will wait for more good news from Pavillion Damansara, indicated a potential good rental income for PAVREIT in the near future. Third, REIT considers a more conservative with attractive dividend yield stock, but PAVREIT give both good return in share prices and too income distribution.

From Fibo analysis using Aug 2019 high and Nov 2021 low, share prices sustain above 61.8%, showing a potential to retest RM1.55 level previous high. Support levels are RM1.25, RM1.10 and RM1.

Disclaimer
This content is for reference only and does not constitute any investment advice, and past performance is not indicative of future performance. Returns will vary, and all investments carry risks, including loss of principal. Please make your own investment decisions.