CANONE gained 4.23% (+11.0sen) yesterday on slightly higher trading volume to close at RM2.71. The bulls appear to be strong with a breakout from Fibonacci resistance seen at RM2.61 while its MACD diverges further positively from the Signal line. On top of that, a ‘Golden Cross’ is seen with its 20-day SMA crossing above its 50-day SMA, pointing towards a potential short-term bull run in the share price. Buying momentum is also seen gaining steam with its RSI indicator hooking upwards. Should the buying pressure persist, it could test RM2.86 (R1) level soon with RM3.06 (R2) possibly next.

 

 

Source: Kenanga