SUPERMX’s share price has been gyrating in line with the fluctuation of the USD/MYR foreign exchange rate as the group’s revenue is mainly denominated in USD. Hence, the stronger USD/MYR recently caught investors' eyes. Chart-wise, the share price had broken out above the previous high strongly with a long white candle accompanied by explosive buying volume, which revived strong buying interest on the stock. We reckon the share price may challenge the overhead resistance @RM2.84 soon. A breakout above the level could stage another bullish rally towards RM3.20 in mid-to-long term, based on previous measurement objective and Fibonacci Projection. On the flip side, the immediate support is pegged at RM2.61 (Fibonacci). 

 

Source: Kenanga