Yesterday, JCY rose 2 sen to end at 58 sen on increased volume. The technical picture suggests that a mild uptrend has taken shape over the past few months, and this echoes the recent results which show that its losses had been narrowing over the past few quarters. Momentum also seems to be gradually shifting from bearish to bullish, and we reckon that JCY is now poised for an upside retest of the 20-, 50-, and 100-day SMAs (just overhead at 60 sen) from here. Should these resistance levels be taken out in a convincing manner, JCY could potentially extend a rally towards the 76 sen resistance next.

 

Source: Kenanga