Yesterday, SEALINK rose 5.5 sen to settle at RM0.52. From a technical chart perspective, SEALINK has broken its 18-month resistance level of RM0.50 convincingly. The short-term trend of SEALINK is bullish as it stays above all its short, mid and long term SMA levels. Coupled with its strong trading volume yesterday, buying momentum of the stock is now stronger. Key indicators such as MACD and RSI have also hooked upwards, indicating bullish outlook ahead. Should follow through buying continue from here, the 60.0 sen resistance could be tested fairly soon. Once this level is taken out, SEALINK would then have a clear path towards 70.0 sen next. Traders are advised to place a strict stop-loss at the stock’s new ‘resistance-turned-support’ level of RM0.50.

 

Source: Kenanga