On Thursday, shares of infrastructure developer GAMUDA surged 14 sen to RM3.75 after wire news reported that the group MD had spent RM65m to acquire about 18m shares in the open market in October. The share price has now broken above the 6-month long "Rectangle" amid a spike in trading volumes. Taken as a whole, the consolidation phase has now come to an end and the momentum has shifted from neutral to bullish, depicted by the MACD-Zero line crossover and the positive short term moving average. The measurement objective is currently located at RM3.88 although we reckon that conservative investors should buy on weakness closer to the RM3.60 return line.

Source: Kenanga