MAS is expected to release its quarterly result later in the day and traditionally, the stock is not without its surprises, whether good or bad. The share price has been trading largely sideways for almost half a year now, and amid the mostly non-trending indicators, it appears the stock has lost its sense of direction. Yesterday, the stock closed 2 sen lower to RM1.01. With the earnings release due very soon, we believe traders should keep tabs on the stock as we believe the stock has formed a short term bottom at these levels, while the MACD is showing early signs of bullish convergence. Should the support level at 99.5 sen prove effective, traders may expect a swing back to retest the RM1.05 resistance and possibly further up towards the RM1.08 and RM1.13 resistances.
Source:
Kenanga