Yesterday, INFOTEC rose 1.5 sen (+4.5%) to settle at RM0.345 to form a “White Marubozu” which reflects the bullish sentiment on the stock. The share price closed above the 20- and 50-day SMAs and has also broken out from its strong resistance line at RM0.335, indicating the start of a short-to-mid-term up cycle. The MACD and RSI indicators are both trending upwards, supporting the bullish momentum. However, the key resistances are at RM0.38 and RM0.41 next, while downside support levels are capped at RM0.29 and RM0.26.

 

Source: Kenanga