After two days of correction, MALTON seems to be resuming its previous bullish trend as the share price is likely to re-test the crucial overhead psychological resistance @RM1.00. The share price surged 4.5 sen to close at RM0.995 yesterday, supported by stronger buying interest, ahead of the completion of proposed asset exchange exercise with Johor Corporation Bhd, according to the press. As key indicators such as RSI, MACD and Stochastic are positive and mostly biased to the upside, we suspect the share price is going for another uptrend wave with RM1.08-RM1.10 as tough resistance in the shortterm period. On the flipside, a protective stop-loss level is pegged @RM0.950.

 

Source: Kenanga