Spurred by market anticipation of positive financial results to be released soon, GADANG’s share price was beefed up by 7.5 sen to RM0.960 on explosive buying volume yesterday. In fact, the share price has violated the 100-day SMA resistance and two Fibonacci resistances in an attempt to test the Andrew’s Pitchfork overhead resistance @RM1.00 yesterday. Likewise, the momentum is gaining pace, particularly for key indicators such as MACD and RSI, which have hooked up on stronger buying interest lately. Should the share price overcome the tough resistance @RM1.00, we think GADANG may potentially go up further towards RM1.07 and followed by RM1.18. Aggressive trader may take position around the current price with strong underlying support pegged at RM0.90.

 

Source: Kenanga