Yesterday, THHEAVY advanced 4 sen to close at 92.5 sen. As a result of the bullish move, share price has departed from its upward sloping trend line to mark the start of another upcycle. Furthermore, the MACD has also completed a bullish crossover with the signal line, while the Stochastic and RSI indicators have both hooked upwards into the bullish territory. These factors suggest further upside and we believe that the share price is likely to retest the 96.5 sen resistance (R1) yet again. Should this level be taken out next, we would then expect THHEAVY to extend its rally towards RM1.09 (R2) further up.

 

Source: Kenanga