Yesterday, BSTEAD advanced 11 sen to close at RM5.50. Although the share price increase translates to a mere 2% gain, we note that the price action has now broken above a 2-year downtrend. The move represents a significant change in BSTEAD's technical outlook, and we believe that this is a prelude to further gains towards RM5.77 (early-2012 high) next. Should this key resistance level be taken out next, BSTEAD would then have a clear path towards RM6.05 further up.
Source: Kenanga