CHINWEL’s share price rose 7 sen or 5% to RM1.48 yesterday on high volume after company director expressing optimism over the coming quarterly result in an AGM. Technically, the share price staged a reversal after rebounding from support of RM1.40 to close above its 20-Day SMA trend line, suggesting an uptrend movement. All key indicators (MACD, Stochastic and RSI) lay a hand on a bullish bias by showcasing an uptick in their respective trajectory. We view that the recent positive news flow could attract investor’s interest and expect the share price to retest the RM1.58 (R2) level in the near-term.

 

 

Source: Kenanga