SURIA’s technical picture looks attractive after it surged to a record high with rising buying volume after the group recorded an 11% YoY gain in net profit for 9M13 on the back of higher revenue contribution from port operations. Technical-wise, the share price is likely to ride another bullish wave after it marginally broke out above the previous high @RM2.62 with bullish “Marubozu” candlesticks yesterday, which suggest buying interest remains strong as exhibited by a strengthening RSI. The overhead resistance is capped at the RM2.90-RM2.96 region, based on Fibonacci Projection and objective measurement. Meanwhile, the underlying support is pegged at RM2.37.

 

Source: Kenanga