On Wednesday, MISC surged 11 sen (+1.72%) to settle at RM6.51 on strong trading volume. The stock has gained investors' interest lately due to the positive sentiment from a recent report by Bloomberg, where crude oil tanker time-charter rate is expected to increase 53% in 2014. Chart-wise, MISC is currently trading near its support level of RM6.25. Key indicators like Stochastic and RSI are positive, suggesting that buying momentum is piling up. Thus, we believe that MISC could stage a rebound at its support level, retesting its resistance level of RM7.10 in the next few weeks. Should this resistance be taken out, MISC could rally further towards its next resistance level of RM7.50 next.

 

Source: Kenanga