ACME’s (formerly known as Supportive International Holdings) share price has been on a roll since it proposed to ratify the diversification into property development activities in November. Within a short span of just two months, the share price had almost doubled from just 36 sen to as high as 69.5 sen earlier this month. While the share price had since pulled back slightly, the technical picture suggests that the rally still has some distance yet, evidenced by the high volume run-up yesterday (at 63.5 sen). In fact, the Stochastic and RSI indicators have also hooked upwards to confirm our bullish view. Should follow-through buying continue, we reckon that ACME could potentially retest the 69.5 sen resistance fairly soon. Beyond this level, the next resistance level is further up at 81 sen.

 

Source: Kenanga