Recall that we highlighted JCY (technical report dated 16 May @ 60.5 sen) when the share price confirmed a bullish “Double-Bottom” trend reversal. Since then, the share price gained  19.8% to yesterday’s closing price of RM0.725. Contrary to the fundamental view on the stock, the technical picture suggests further upside to come. In particular, the Stochastic indicator has just hooked upwards from oversold levels, while the MACD is sporting “bullish convergent” signs. With the 70 sen resistance also taken out yesterday, we reckon that JCY could potentially extend its gains towards 81 sen next.

 

Source: Kenanga