Half day closing today JSB price again showing a great buyer support. as of 1230pm today, JSB trading value slightly above half of yesterday volume and possibly will close again today with a high volume. (Possibly higher than yesterday volume.) This high volume is important as it show that price is going up with huge support. As the price is going up, the dynamic support also will follow to go up. Today MA20 is at 0.873 compare to last 2 weeks at 0.8628 when the price was still below the MA20 and closed at 0.85 (3rd July 2023).
Recent 1st BUY signal was on 7th July 2023, when JSB price closed above its MA20 at 0.87 against its MA20 at 0.8625, right after that, JSB price continue to stay above its MA20 line until today.
Yesterday, after a convincing higher close at 0.915 above the cloud level of 0.8975, JSB price jump above the cloud with a strong volume in the morning, this could be a very positive sign that price will continue it upward trend movement. As long as JSB price is above the cloud, JSB price is considered to be bullish. According to Ichimoku strategy, it is a strong BUY signal when price break away above the cloud, and in Ichimoku trend riding strategy, we will stay in buy position as long as the price is above the cloud. This Ichimoku trend riding strategy is not about buying a stock at the lowest price and selling at the highest, but to catch the trend, buy when it go above the cloud and sell when the price fall below the cloud.
TREND
MACD is showing that the price is strongly trending up as the gap between MACD and the Signal line is getting wider. this postive MACD trend support the Buy signal in Ichimoku, and the moving average too.
Momentum
RSI jump above the 70 value shows that JSB is entering the Overbought territory, this show that buyer is in control compared to the seller, as long as buyer keep buying, RSI will remain in the Overbought territory. Buy signal on JSB based on RSI came on the 6th of July when RSI break above 50 value. on that day JSB price was trending in between 0.865 to 0.875 and closed at 0.87, even if one bought at highest price on that day, one still in profit today. Following a momentum strategy using RSI, one will buy when the RSI break above 50 and stay in buying position until RSI break below 50.
Support and Resistance
Looking at JSB daily Fibonacci chart, price is clearly breakout above the support/resistance zone (0.85 - 0.895). What this mean is, price potentially will test it immediate resistance at 0.95 which is the previous high price and the next significant resistance is at 0.988 (0.99) which is the Fibonacci 1.414 level, normally at this level, higher chances is that, prices will test the psychological rm 1 level. In my Opinions, if the buy activity continue with strength as shown in the past couple of days, JSB prices could easily break rm 1 and stay supported above that price. if this happened, it will soon test the rm 1.12 target at Significant resistance of Fibonacci 1.618 level, which is also known as the Golden Ratio level.
Salient Points: (a) Joint development and investment into the JSB’s Existing Projects
JSB and Sumitomo Corporation (collectively referred to as the “Parties”) have indicated intention to jointly develop renewable projects in Malaysia. These projects include, but are not limited to a 170MW hydro power plant project that JSB is in the midst of developing, and such other renewable energy projects being developed by JSB.
(b) Joint operation of company conducting business related to power plant projects
The Parties have indicated interest for a joint operation and management of the collaboration, through board representation, management committee and/or any such similar manner as may be discussed.
(c) Joint development and investment into other potential renewable power plant projects
The Parties have indicated interest to explore pipeline renewable power plant projects currently pursued by JSB. For these pipeline projects, the Parties may come into an agreement to jointly develop and invest directly into the Ordinary Shares of any potential project companies.
One of significant milestone. They can benefits from Sumitomo experince in managing and funding mega projects. Their participation including representation in boards and shareholder.
JSB is being sold out, which has caused its listed price to drop from 0.95 cents to now only 0.84 cents. This allows opportunistic individuals to deceive inexperienced traders and potentially lead them to lose their hard-earned money. Subsequently, they buy more to drive the price up to RM1."
Still solid. Those assets already producing recurring income. The issue here, the acquisition process by Bursa, probably need another month or two. So that need to be happen, before we can see the account of JSB can incorporate those income.
Jul 14 Third quarter 2023 earnings released: RM0.019 loss per share (vs RM0.022 loss in 3Q 2022) May 24 Second quarter 2023 earnings released: RM0.01 loss per share (vs RM0.29 profit in 2Q 2022)
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Stocker
1,452 posts
Posted by Stocker > 2023-05-24 09:52 | Report Abuse
0.875 nice