Gamuda’s share price rose to new high after reacting positively to the new water restructuring deal announced earlier yesterday to finish higher at RM5.31 on heavy volume, up 16 sen or 3.1%. Since breaking out from the RM5.00-mark (S2), its share price has managed to stay above that level while the latest positive news further catapulted the stock beyond our projected resistance of RM5.21 (S1), showcasing the uptrend movement. Similarly, MACD indicator continued to move higher, signaling the bullish bias. Elsewhere, strong buying momentum was evidenced by the positive movement of both Stochastic and RSI indicators above the overbought region. We expect GAMUDA to test the next immediate resistance of RM5.34 (R1), supported by the sustained buying interest on the back of the potential positive development to the water asset disposal.
Source: Kenanga
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