MKH’s share price surged 15 sen or 5.5% to RM2.86 yesterday on heavy trading volume. The share price was observed breaking out from its near-term resistance to stay above both its 20-Day and 50-Day SMA trend lines, suggesting an uptrend movement. The bullish bias was evidenced by the MACD indicator which was hooking upward. Meanwhile, Stochastics and RSI indicators are both signaling positive buying momentum with the former in the overbought region. Should buying interests continue, we expect the share price to retest its next immediate resistance level of RM3.05 (R1), as well the resistance of its 100-Day SMA trend line.

Source: Kenanga