Yesterday, HYTEXIN rose 4 sen to end at RM0.15 on increased volume. The technical picture suggests that the stock has found a strong support at RM0.08 from where it rebounded sharply. Momentum seems to be gradually shifting from bearish to bullish, with the MACD having just crossed over its signal line. As the trading volume started to surge in the second half of the day, we suspect that the positive buying momentum is likely to be extended today. The immediate upside targets for HYTEXIN are RM0.20, RM0.25 and RM0.35 moving forward. Meanwhile, downside seems limited from here, and we expect strong support buying to emerge at the 10 sen level.

 

Source: Kenanga