Yesterday, PERDANA’s share price surged 6 sen or 3.3% to end at RM1.89 backed by the recent positive news of PERDANA acquiring two more new vessels to cater for future market demand. Following yesterday’s bullish move, the share price had broken out of the downward-sloping trend line with high trading volume. With the trend line resistance being taken out, the technical picture suggests that the multi-month downtrend may have come to an end. Moreover, positive readings from key momentum indicators (MACD, Stochastic and RSI) are suggesting that buying pressure is gradually piling up. We reckon that should buying interest persist, PERDANA could move higher towards its next resistance level of RM2.01 (R1) and possibly RM2.10 (R2) next.

 

Source: Kenanga