From a technical standpoint, MAYBULK has yet again provided traders with a buying opportunity following a rebound from the trendline. Yesterday, the share price rose 5 sen to close at RM1.77 and we expect this bullish move to be a prelude for further gains to come. Follow-through momentum would likely continue over the next few weeks, and we anticipate the share price to make its way towards RM1.94 in due course. At the same time, near term downside appears to be fairly limited and the recent lows of RM1.69 should provide adequate support for a short term trade (place stop-loss 3 bids below this support level).

 

Source: Kenanga