Yesterday, MUDA rose 26 sen (+15.85%) to RM1.90 on high trading volume. Investors were bullish on the stock, due to its strong earnings rebound and a catch up on valuation. The bullish move has caused a breakout from a “Bullish Penannt” chart pattern, hinting that the share is poised to enter into another round of rally. In fact, the MACD has issued a buy signal yesterday and suggested an increase in buying momentum. Traders who look to buy into the share should target to take profit at RM2.43 (3 bids below the Pennant measurement objective of RM2.45), while employing a protective stop-loss at RM1.65 (3 bids below the RM1.68

support level).

 

Source: Kenanga