NOTION Technical Analysis Chart:
Technical Analysis:
Major Support: RM0.867
Major Resistance: RM1.391
Currently, there is no significant selling pressure from concentrated chips in the upward direction.
Market News:
On August 5th, NOTION released its financial report for the third quarter of the 2024 fiscal year, with a net profit increasing 11 times from the same period last year to RM20.25 million , driven by revenue growth. Earnings per share rose from 0.35 sen to 3.9 sen. No dividend was announced for this quarter. This is the best quarterly net profit for Notion VTec since the fourth quarter of the 2018 fiscal year (reporting a profit of RM36.54 million). For the first nine months of the 2024 fiscal year ending June 30, the group achieved a net profit of RM42.20 million, compared to a net loss of RM9.60 million in the first nine months of the 2023 fiscal year, with revenue increasing by 36% from RM2.512 billion to RM3.409 billion.
Overall Analysis:
Considering the strong performance in the latest financial report data from NOTION, with significant growth in net profit and revenue, this is likely to have a positive impact on the stock price in the short term. In addition, from a technical perspective, the current stock price is above the major support level of RM0.867, and there is currently no clear selling pressure from concentrated chips in the upward direction, indicating the possibility of the stock price continuing to test the major resistance level of RM1.391.
If the stock price can break above the resistance level of RM1.391 with the support of positive news, it may further increase. However, if the stock price fails to effectively break through the resistance level of RM1.391, it may encounter selling pressure at that level and retreat.
On the other hand, if the stock price falls below the support level of RM0.867 in the coming days, it may indicate that the market's reaction to the financial report is not as positive as expected, and the stock price may further decline, seeking the next support level. In this scenario, even if there is a rebound, it may be difficult to quickly return to the resistance level of RM1.391.
In summary, in the short term, if the stock price can stay above RM0.867 and gain momentum to break through RM1.391, it is likely to continue to rise. However, if it falls below RM0.867, there is a risk of further decline to be cautious about.