BORNOIL’s share price was up 6.0 sen (7.2%) yesterday on the back of a spike in trading volume. Chart-wise, there appears to be a “Golden Cross” as the 50-day SMAhas crossed over the 100-day SMA. The MACD ha s also crossed over the Signal Line, confirming the bullish uptick. We are not overly concerned with RSI and Stochastics plateauing at overbought levels at this juncture as there is strong buying interest from investors. As most indicators are supporting the bullish momentum, we expect the share price to re-test the RM0.91 (R1) level before facing a slight consolidation in the near term to neutralize RSI and Stochastics' overbought situation.

 

 

Source: Kenanga