After the group announced a strong set of 1Q13 results that were boosted by improvement in the gross margin and its Brand Outlet stores recently, the share price surged up by 13 sen (+7.9%) and crossed above three SMA lines (20-day, 50-day and 100-day) to close at RM1.78 accompanied by higher trading volume, which suggests a rebound from its previous downtrend could be on the cards. Nonetheless, technically, we feel that the share price upswing could be short-lived and challenging given the strong overhead Fibonacci and diagonal resistance @RM1.90 where strong selling pressure could emerge.

 

Source: Kenanga