MITRA’s share price surged 11.5 sen yesterday. Its trading volume was also at the highest for the year. Technically speaking, MACD has just completed a positive crossover, indicating the strong buying interest. MITRA has formed a classic bullish “flag” pattern, while the breakout from the strong resistance level of RM0.935 heralds the continuation of the previous bullish move. Hence, we take a long position in the stock with target price of RM1.25 (3 bids below the flagpole measurement), while setting a strict stop-loss at RM0.905.

 

 

Source: Kenanga