Kenanga Research & Investment
Highlights / Stock Picks of the Day - Malaysian Bulk Carriers Berhad (“MAYBULK”) - Not Rated
MAYBULK has broken above the “Symmetrical Triangle” pattern to close at RM1.75 (+8 sen) yesterday. The technical picture looks bullish now as key indicators such as MACD and Stochastic have turned positive. In addition, the share price breached above the 20-day SMA line amid high volume to offer a buy signal. Should the next overhead resistance (@RM1.76) be taken out, we believe the stock may extend its gains towards RM1.82 and RM1.93 soon. Downside support is seen at RM1.64.
Source: Kenanga
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