L&G’s share price jumped 10 sen (17.4%) yesterday to RM0.67 after a spike in trading volume. Chart-wise, the stock has formed a “Marubozu” like candlestick, while all three SMAs are on the uptrend. Key indicators are also supporting the bullish momentum with RSI and Stochastics hooking upwards, and the MACD crossing over the Signal line. Share price has broken out of its long-term resistance level at RM0.64. Should buying interest persist, we expect the share price to rally towards RM0.75 (R1) and possibly RM0.82 (R2) further.

Source: Kenanga