HUAYANG has broken above sideways consolidation phase (@RM3.28) to close at RM3.29 (+20 sen) yesterday. Technically, the chart  has turned bullish, having formed a bullish “Marubozu” candlestick yesterday on active buying volume. This also follows the recent rebound from the 20-day SMA line which is a positive signal for the stock. Furthermore, the Stochastic indicator has crossed above the signal line. Thus, we believe HUAYANG is poised extend its gains towards the overhead resistance @RM3.50 and RM3.78 soon. Immediate resistance is located @RM3.05.

 

Source: Kenanga