SYCAL’s share price rose 3 sen or 6.74% to break out from its resistance level of RM0.40 with outstanding trading volume, settling at RM0.47. This is backed by its better 2Q14 results reported yesterday. Besides, SYCAL had also recently broken out from its ‘Triangle’ pattern. MACD indicator is undergoing a positive divergence, suggesting a bullish outlook ahead. This is backed by the underlying key momentum indicators like Stochastic and RSI which are hooking upwards, indicating huge buying interest from traders. If buying interest does continue, we believe that the share price could rally towards our target price of RM0.54.

 

 

Source: Kenanga