MEGB’s share price surged 10 sen or 16.7% to RM0.70 yesterday on strong volume. The share price broke out from the resistance of RM0.595 (S1) to stay above all of its MA trend lines, suggesting an uptrend movement. Bullish picture was painted as MACD indicator bottomed and rebounded from low. Meanwhile, strong buying momentum was showcased by both Stochastics and RSI indicators, both hooking upward with the former breaching the overbought region. Should the buying interests pick up, we expect the share price to challenge the next immediate support level of RM0.730 (R1).

 

 

Source: Kenanga