Yesterday, MEDIA’s share price up by 6 sen to settle at RM2.26. MEDIA is trading at a downtrend for the past one year. In the daily candlestick chart pattern, a black candlestick is followed by a smaller white candlestick whose body located within the range of the previous body forming a “Bullish Harami” candlestick pattern, signaling a reversal of the downtrend. The key indicators – RSI and Stochastics has rebounded from the oversold region, suggesting the buying interest is starting to pile up and supporting our view that a rebound play is could occur. Thus, we reckon that MEDIA will rally towards RM2.33 (R1) and possibly RM2.40 (R2) next.

 

 

Source: Kenanga