Date of Report: October 14, 2024
Broker: CGS-CIMB Research
Company Overview
Nam Lee Pressed Metal Industries Ltd is a company that designs, manufactures, supplies, and installs steel and aluminum products. These products include gates, door frames, staircase nosing and hand railings, laundry racks, and letter boxes for flats and houses. The company also manufactures mainframes, aluminum sliding windows, grilles, gates, drying racks, and other related steel-based and metal products.
Technical Analysis Summary
Nam Lee Pressed Metal Industries Ltd is showing a bullish rebound at the bottom, indicating potential for a strong recovery. The following technical indicators suggest a positive trend:
- Price Action: The stock has broken out of the downtrend line with strong rising volume.
- Trend Indicators: Prices are trending above all Ichimoku indicators, signaling further potential for growth.
- MACD Crossover: A MACD/Signal line crossover has occurred above the zero line, with the histogram showing a positive trend.
- Stochastic Oscillator: The stochastic oscillator has crossed over from an oversold position and moved above the 20-line, indicating a potential upward momentum.
- ROC (Rate of Change): The 23-period ROC is rising and has rebounded above the zero line.
- Directional Movement Index (DMI): The DMI is signaling bullish strength.
- Volume: Trading volume has been expanding, which supports the bullish momentum.
Entry and Exit Points
- Entry Prices: 0.265, 0.250, 0.235
- Support Levels:
- Support 1: 0.255
- Support 2: 0.235
- Resistance Levels:
- Resistance 1: 0.300
- Resistance 2: 0.350
- Target Prices:
- Target 1: 0.290
- Target 2: 0.310
- Target 3: 0.330
- Target 4: 0.380
- Stop Loss: 0.220
Conclusion
Nam Lee Pressed Metal Industries Ltd is showing strong bullish technical signals, backed by robust volume growth, favorable indicators, and a potential reversal from a bottoming out phase. The company’s technical position makes it a compelling stock to watch, with significant upside targets in the near future.
Analyst Information
