MTDACPI has been creeping up over the past two weeks following an announcement (7th Feb) that the company had entered into a subcontract agreement for the Abu Hamour surface and ground water drainage tunnel in Doha, Qatar. Yesterday, the share price advanced a further 3 sen (+6.3%) to close at 50.5 sen on high volume. As a result, the share price has confirmed a “Symmetrical Triangle” pattern amid an improvement in the key indicators such as the MACD and RSI. Chances are high that MTADCPI would benefit from some follow-through buying in the coming days, and we reckon that eventually, the share price would make its way towards the 68 sen “Symmetrical Triangle” measurement target price. Meanwhile, strong support is seen at the 46 sen, and 41 sen further down.

 

Source: Kenanga