GAMUDA’s share price surged to an all-time high of RM5.09 yesterday on heavy volume, mainly due to the positive news of it being appointed the Project Delivery Partner (PDP) of MRT2. As shown in the chart, the share price made a significant breakthrough after rising from the resistance level of RM5. The bullish bias was further evidenced by the upwards bound MACD. However, the perspective was more neutral with the Stochastics indicator retreating from the overbought region while the RSI indicator was flattish above the overbought region. We expect the share price to retest the (R1) RM5.21 level following the positive sentiment, with the upcoming quarterly results being the key driver for its share price performance in the near term. 

 

 

Source: Kenanga