JAYCORP’s share prices have been creeping up quietly from a bottom in mid-2013, tracing a long-term bullish reversal pattern. Near-term technical picture is bullish, as the share price is now trending above all the short, mid and long term SMA level. In fact, the daily MACD line just crossed over the signal line yesterday which confirmed the buying signal. Based on the increasing bullish momentum and strong trading volume yesterday, we believe that JAYCORP could possibly extend its rally towards RM0.95 to close the gap of a “Saucer Bottom” chart pattern. Meanwhile, a protective stop-loss should be placed at RM0.57, the 100-day SMA level.

 

Source: Kenanga