Eye On Stock - WCE Holdings
WCE Holdings Bhd 
’s (code: 3565) two-year descending trend halted in its tracks at the start of 2019 as the share price took on a sideways trading direction.
This lent the opportunity for a reversal and a return to an uptrend. However, a couple of attempts in February and March this year to breach the negative trend line came to no success. It was only over the last two trading sessions that a tentative breach was made, lending hope that the stock would make a break out of its negative posture.
Price action was seen to be mildly positive starting March 19 as the share price was buoyed by the 50-day simple moving average (SMA). On Thursday, the stock picked up momentum and crossed above the negative trend line. The share price advance continued yesterday, although at its closing price of RM62, profit-taking could easily see a retreat below the trend line.
To confirm a return of positive sentiment, the share price would have to rise past the immediate resistance at 65 sen, which represents the stock’s recent high and the 200-day SMA, which has remained intact since January 2018. However, even this is not enough to confirm the sustainability of the current uptrend as the stock’s decline over nearly two years gives the daily price chart a decidedly bearish outlook.
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