ELSOFT garnered investors’ attention after it proposed the transfer of the listing from the ACE market to the Main Market of Bursa. Yesterday, ELSOFT’s share price rose 6.0 sen to close at RM0.975 (5 years high). From a technical perspective, a white “Marubozu” candlestick has taken shape and strong trading volumes are suggesting that buyers were dominant on yesterday’s trade. RSI (14) indicator is also hooking upwards, signaling that ELSOFT is ready for further upside movement. Should buying momentum persist; we believe that ELSOFT could move higher to the next resistance level at RM1.02 (R1) and RM1.08 (R2).

Source: Kenanga