MPCORP’s share price rose 3 sen (+7.7%) to close at 42 sen after the company agreed to pay RM120m to Amanahraya Development Sdn Bhd to settle a court judgment obtained against it. The bullish move had resulted in MPCORP breaking out of a six months downtrend on high volume. In fact, all three major SMA lines (20-, 50- and 100-day) had also been taken out in one fell swoop. All these factors led us to expect follow-through momentum buying over the next few days. We anticipate a move towards the January high of 46 sen level (R1) fairly soon. Beyond this level, the next major resistance is located much further up at 56 sen (R3). 

 

Source: Kenanga