MAA’s share price was up by 3.0 sen (4.7%) yesterday to RM0.67, rebounding after the slight sell down in December. Chart-wise, there appears to be a White Marubozu candlestick as at yesterday signalling that buyers dominated trading. Share price has also rebounded above all 3 SMAs as a result of the strong buying interest. Key indicators are looking bright as MACD is looking to make a crossover of the Signal Line. RSI and Stochastics, on the other hand, are also fairly bullish and spiking upwards closer to the overbought territory. Should buying momentum persist, we expect share prices moving up further toward RM0.70 (R1), which also appears to be a strong resistance level.
Source: Kenanga