BENALEC's share price suffered a beating following a poor set of results last week. The share price has since rebounded slightly from its 86 sen-low to close at 96.5 sen yesterday. From a technical perspective, the RSI has just emerged from heavily oversold levels, while the Stochastic indictor tells us that the rebound has further distance to go. We reckon that bargain hunting would likely continue in the coming days, and expect the share price to make its way back to RM1.03 (R1) and possibly RM1.13 (R2) next.

 

Source: Kenanga