TEKSENG rose 10.0 sen (17.0%) yesterday to close at RM0.69 with its trading volume reaching an all-time high. Since July, its share price is riding on an uptrend with multiple short-term consolidation phases. Yesterday, a technical breakout from Fibonacci resistance at RM0.63 was observed. Buying interest in the stock appears to be strong with MACD still in positive divergence over the Signal line and trending up. Despite looking slightly overbought, momentum indicators are still trending up indicating strong buying momentum. With its former resistance broken, we reckon that TEKSENG could be in the midst of its new leg of an up-cycle in share price. Immediate resistance is capped at RM0.70 (R1) with RM0.75 (R2) possibly next.

 

 

Source: Kenanga