MMODE’s share price surged by 6.5 sen (+13.1%) to settle at RM0.575 yesterday. Chart-wise, MMODE has been trending in a downtrend since mid-July; while a “dragonfly doji” candlesticks has formed a few days ago, indicating a potential reversal in the trend. With the strong daily trading volume coupled with the positive crossover of MACD indicator of the Signal line, these factors further support the bullish momentum. We believe that with follow-through strong buying interests, MMODE could rally to the immediate resistance of RM0.61 (R1) and possibly RM0.65 (R2) next.

Source: Kenanga