Yesterday, DELEUM rose 18 sen, or 7.93%, to RM2.45. The company has announced the completion a 3-for-1 bonus issue with share split, buoying the sentiment on the stock. Bulls overpowered the bears with a breakout from its “Pennant” chart pattern observed on high trading volume. Uptrend is seen with MACD staging a positive crossover from the Signal Line. Momentum indicators have also shown positive readings indicating strong buying momentum. Followthrough buying interest could rally the stock to its immediate resistance at RM2.61 (R1) and possibly RM2.86 (R2) further. Meanwhile, traders should employ a strict stop-loss 3 bid below its support level of RM2.20 (S1).

 

Source: Kenanga