PRLEXUS ended the day at RM1.24 (+11 sen) and has broken above its previous high of RM1.23. More interestingly is the fact that the bullish move has caused the PRLEXUS to take out a crucial resistance level (downward slopping trend line) on high volume. The key momentum indicators have also turned bullish, and this leads us to believe that the share price could potentially scale new heights on followthrough buying. Consequently, we expect the stock to gradually make its way towards the next resistance level of RM1.42 in short order. In contrast, downside support should be present at RM1.13 where the former resistance has now turned support.

 

Source: Kenanga