Kenanga Research & Investment
Highlights / Stock Picks of the Day - Berjaya Auto Berhad (BJAUTO) – Not Rated
BJAUTO’s share price surged 13sen or 4% to RM3.38 yesterday. The share price broke out from the resistance level of RM3.27 (S1) while also stayed above all of its MA trend lines, indicating an uptrend movement. MACD indicators bottomed and rebounded, painting a bullish picture. Meanwhile, the positive buying momentum was showcased by both Stochastics and RSI indicators, both hooking upwards while the former breaching the overbought territory. Should the buying interests pick up, we expect the share price to continue the rally with target price projected at RM3.99, 3 ticks below the flagpole measurement objective.
Source: Kenanga
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