PICORP’s share price was up 2.5 sen (11.6%) to RM0.24 yesterday on the back of higher trading volume. Chart-wise, there appears to be a White Marubozu candlestick suggesting that buyers outweighed the sellers. Key indicators remain bullish as the MACD is currently on a bullish divergence crossing over its zero line. Meanwhile, RSI and Stochastics are both hooking upwards suggesting that buying momentum is piling up. Despite the overbought situation shown on the Stochastic indicator, we view that follow through buying interest could rally the share price to push towards RM0.27 (R1) and consecutively RM0.31 (R2).

 

 

Source: Kenanga