SUPERMX was in the limelight yesterday after analysts opined that the group benefits from the strengthening of the USD due to its USD-denominated sales and Ringgit-quoted costs. SUPERMX surged 18 sen or 9.47% to settle at RM2.08, above all its key SMA trendlines. Despite the slight overbought situation shown in Stochastic and RSI indicators, uptrend remained bullish with strong volume supporting the strong uptick in indicators. Therefore, we advocate day traders who look to ride on the strong buying momentum, to consider this as a good buying opportunity. We expect the share price to rally towards our ‘Flagpole’ measurement objective of RM2.19. Meanwhile, a strict stop-loss is placed at 3 bids below its immediate support level of RM2.05 (S1) at RM2.02.

 

 

Source: Kenanga