INFOTEC’s share price increased by 2sen (5.56%) with a spike in trading volume after the company proposed a 9-for-20 bonus issue shares attached with a 10-for-20 free warrants to reward their shareholders. Chart-wise, INFOTEC’s share price has broken out of the resistance line at RM0.34. Both the 20-day and 50-day SMA’s are also following the uptrend. Indicators wise, the MACD has crossed over the signal line while RSI and Stochastics all appear to be hooking upwards despite being heavily Overbought. We expect the share to attract further buying interest over the next few days, and rally towards the RM0.46 (R2) resistance level.
Source: Kenanga