PRLEXUS broke out from its all-time high resistance level of RM1.37 yesterday in higher trading volume. Uptrend is seen to be positive with the underlying trading above all 3 SMA level. Despite the overbought situation shown on the momentum indicators, we believe the uptrend is still intact as both Stochastic and RSI are trending up strongly. MACD is also supporting the bullish bias with its bullish divergence away from its zeroline. Thus we suggest day traders who look to ride on the bullish momentum to take this as a good entry opportunity. Conservative investors meanwhile could wait for the share price to neutralize its overbought situation, where strong buying interest could emerge at the RM1.30 level.

 

 

Source: Kenanga