Yesterday, SUPERMX's share price surged 13 sen to settle at the day's high of RM2.15. The strong move has resulted in a decisive break out of the downward-sloping trend channel which had formed since August last year. In fact, the cluster of resistance levels between RM2.00-RM2.10 has been taken out, and we reckon that this potentially paves the way for a further rally towards RM2.22. Indicator-wise, the MACD has also crossed above the Zero-line, and this signals that momentum is strengthening. Next up, we look toward a retest of the RM2.22 resistance, and should this level be taken out as well, the share price would likely continue its northerly direction towards RM2.33.

 

Source: Kenanga