Yesterday, MENANG rose 7.5 sen (+7.77%) to settle at RM1.04 with high trading volume. From a technical perspective, MENANG has broken out from its all-time high resistance level of RM1.02. Key momentum indicators like Stochastic and RSI are also positive, suggesting that a bullish trend is developing. In tandem with this, the MACD indicator has also started to hook away from its signal line, indicating a clear positive uptrend. Based on this bullish bias, we believe that follow-through buying interest could rally the share price towards its next resistance level of RM1.18 (R1) and possibly RM1.25 (R2) next. Meanwhile, we suggest traders to place a strict stop-loss 3 bid below the resistance-turned-support level at RM1.15.

 

Source: Kenanga