Yesterday, MMODE rose 6 sen (+9.68%) to settle at RM0.68 with strong trading volume, as the Group reported a strong 1Q14 set of results. From a technical perspective, MMODE had broken out from its multi-month resistance level of RM0.67. Near term trend looks promising with the share price trending above all 3 SMA levels. All key indicators continued to hook up, pushing a case for positive bias. Coupled with the strong volume traded, we expect the share price to retest its previous high resistance level of RM0.76 moving forward. Meanwhile, a protective stop-loss is placed 3 bids below the new ‘resistance-turned-support level of RM0.67 at RM0.64.

 

Source: Kenanga