GAMUDA rose 9 sen (1.85%) to RM4.95 yesterday after it broke out from the strong one-year resistance-turned-support line on the back of higher trading volume. All 3 SMAs are on an ascending trend. Key indicators are also backing the bullish momentum as the MACD has crossed over the Signal line, while RSI and Stochastics are pointing upwards, despite charting into overbought territory. Should buying interest persist, we expect the share price to re-test the RM5.12 (R1) level, while a strong support remains at RM4.65.

 

 

Source: Kenanga