MPAY's share prices have been creeping up quietly since August 2013, tracing a long-term bullish reversal pattern. Near-term technical picture is bullish, as the share price is now staying above all the short, mid and long-term SMA level. Based on the bullish momentum and strong buying interest, we believe that MPAY could possible extend its rally towards RM0.21 to close the gap of a “Saucer Bottom” chart pattern. Meanwhile, a protective stop-loss could be placed at the RM0.14 level, coinciding with the 50% Fibonacci level and 50-days SMA level.

 

Source: Kenanga