Yesterday, LUSTER rose 1 sen (+9.5%) to finish the day at 11.5 sen. Trading volume was at its highest level since May 2013. In fact, the technical picture is beginning to exhibit similar characteristics to the explosive rally witnessed between April-June 2013 when the share price tripled within a matter of weeks. Notably, the share price has also broken out of its “Bollinger Squeeze” to indicate of more gains to come. Should follow-through momentum continue from here, we would then expect the 12.5 sen resistance (R1) to be tested fairly soon. Once this level is taken out, LUSTER would then have a clear path towards 15 sen (R2) next.

 

Source: Kenanga