ENGTEX’s share price was up by 6 sen (3.19%) to RM1.94 yesterday after being on a descending trend since May 2014. Chart-wise, all three SMAs are on the uptrend while the gap is narrowing as the 20-day SMA is closing in on the 50-day SMA. Key indicators are also turning bullish as the MACD has just crossed over the Signal line, while RSI and Stochastics are both hooking upwards. Share price had a strong breakout yesterday from the resistance-turned-support level at RM1.88. We expect share price to re-test the next resistance level of RM2.02 (R1) should the buying momentum persist.

 

 

Source: Kenanga