Yesterday, MYEG gained 10 sen or (+3.40%) to close at RM3.04. This counter has garnered interest with JPJ reportedly intending to digitalize 85.0% of their counter services to online platform, giving leveraging opportunity for MYEG and introducing new JPJ-related services in FY14. From a technical perspective, a breakout from its ‘Symmetrical Triangle” chart pattern is seen at RM2.79 with MACD trending up in positive divergence. RSI and stochastic indicators are seen to be hooking up, signaling strong buying momentum. Immediate resistance is placed at RM3.35 (R1). Meanwhile, traders could take profit at 3 bids below our price target of RM4.07, based on our “Ascending Triangle” measurement objective.

 

Source: Kenanga