Recall in our previous report on 16th Oct 2014, we mentioned the stock rebounding from its downtrend with indicators suggesting the beginning of a short-term upcycle. Since then, its share price has rallied upwards with a breakout from its downtrend trend channel seen at RM1.96 with a spike in trading volume observed, signalling mounting interest in the stock. On the other hand, buying momentum is also seen piling up with both RSI and Stochastic indicators seen hooking upwards. A continuation in the trend will bring its share price to test the RM2.14 (R1) level. If the level is taken out, it could rally to the RM2.20 (R2) level next. 

 

 

Source: Kenanga