Penang-based developer SEAL attracted investors interest as they recently received the Queensville contract (worth RM800.0m) in Cheras, Kuala Lumpur. Amid this positive sentiment, the share price has been on a roll since April, even gapping up once. Yesterday, SEAL rose 2.5 sen (+3.52%) to settle at RM0.735 with high trading volume. MACD has also staged a cross-over of its signal line, indicating a near-term bullish bias. Stochastic and RSI are also hooking upwards, lending a hand to support the bullish bias. We expect the share price to retest its previous high resistance level of RM0.77 fairly soon. Should a breakout occur at this point, the share could rally further towards RM0.86 (R2) and RM0.91 (R3) next.

 

Source: Kenanga