ICT education services provider EDUSPEC climbed by 1.5 sen or 5.0% to settle at 31.5 sen after the group was highlighted by the press that its overseas expansion would be the key catalyst for the company’s growth. EDUSPEC has broken out of its 1-year resistance level of 30.0 sen on high trading volume. Mid-term outlook slants towards bullish bias, as the underlying share price trades above all its SMA levels, coupled with the MACD diverging away from its zero-line. Key momentum indicators continue to show strong buying momentum with their strong uptrend. However, their overbought situations could signal a consolidation at its immediate support level of 30.0 sen (S1) in the near-term but with potential uptrend resumption from there. Thus we advocate traders to keep a close watch on this stock, with entry point target set near the S1 level.

Source: Kenanga