GDEX attracted investors’ attention due to net earnings increase of 97.4% YoY in the latest reporting quarter. Yesterday, GDEX rose 9 sen (+4.6%) to close at RM2.06 with high trading volume. The MACD Histogram is still on an expansion track, and we believe that the bullish momentum is likely to continue. Moreover, Stochastics and RSI are all trending upwards, supporting the bullish angle. As such, we believe followthrough buying interest could rally the share price towards its next resistance level of RM2.12. Meanwhile, a tight stop-loss of RM1.87 should be employed just below the “Resistance-turned-support” level of RM1.90.

 

Source: Kenanga