Among the top gainers for the day were the rubber glove makers: TOPGLOV (+82 sen at RM6.69), HARTA (+16 sen at RM5.29), SUPERMX (+13 sen at RM2.13) and KOSSAN (+16 sen at RM3.80). Of note, SUPERMAX has rebounded after forming a “Spinning Top” bottom reversal candlestick at the resistance-turned-support level (*circled). So long as this level continues to hold, the overall technical outlook will remain biased to the upside. In fact, yesterday’s industry-wide rally gives the stock a renewed impetus for further gains, and both the volume and momentum indicators appear supportive of this view. Downside risk looks to be capped at RM2.00/RM1.98, while, on the other hand, upside potential is a fair distance northwards at RM2.25 and RM2.38 next.

 

Source: Kenanga