SHL’s share price rose 6 sen to RM2.30 yesterday with a spike in trading volume after announcing a positive set of results and declared a second interim dividend, yesterday. Both the 50-day SMA and 100-day SMA are pointing upwards, confirming the uptrend. Indicators-wise, the MACD has just crossed over the signal line indicating that buying interest has set in. RSI and Stochastics are also beginning to point upwards, insinuating an uptrend, but both are close to entering oversold territory. Should buying interest continue, we expect share price to retest the resistance level of RM2.53.

 

Source: Kenanga