NTPM was bullish yesterday after successfully rebounding from previous “Hammer” candlestick. The stock subsequently reached a multi-month high @0.570 on its intra-day trade. Yesterday, the share price rose 1.5 sen to close at RM0.560. Besides, the key indicators (RSI and Stochastic) have also turned bullish. Hence, we believe the stock may eventually break out above the strong resistance @RM0.570 before moving up further to RM0.630 (Based on Fibonaci projection). Meanwhile, downside support should be located at RM0.515.

 

Source: Kenanga