WTK’s share price moved up 3 sen (+2.16%) yesterday to close at RM1.42 supported by an increase in trading volume, breaking out from its multi-month downtrend resistance level of RM1.39. Chart-wise, the 100-day SMA appears to be on the uptrend and converging with the 20-day SMA, signaling a bullish outlook ahead. Key indicators are supportive of the buying momentum as the MACD has crossed over the signal line. Meanwhile, Stochastics and RSI indicators are also hooking upwards, suggesting that buying momentum is going strong. As such, we expect share price to retest its previous high resistance level of RM1.49 (R1).

Source: Kenanga