TAANN rose 21 sen to close 5.7% higher at RM3.90. On the chart, a white “Marubozu” candlestick has formed with the stock also breaking out above the 20-day SMA level of RM3.88, reflecting the bullish momentum. Indicators-wise, the MACD has just staged a bullish crossover of the Signal line, indicating that the current positive trends could continue. Both RSI and Stochastics indicators are hooking upwards, which further supports the trend reversal. Should buying interests persist, we expect the share price to reach the RM3.97 (R1) level before retesting the next resistance of RM4.09 (R2).

 

 

Source: Kenanga