MUHIBAH recently garnered investors’ interest as it received a Rapid-linked project worth RM116.0m from Tecnicas Reunidas SA group recently. MUHIBAH rose 15.0 sen or 7.46% to settle above its +1 SD regression channel line at RM2.16. Uptrend looks promising from here as the underlying trend is trending up along its regression channel, above its 20-day and 50-day SMA levels. Key indicators are also on a bullish bias, as the uptick in Stochastic indicator from its oversold region implies a possible trend reversal. In tandem with the higher trading volume, RSI is also bullish suggesting buying momentum is piling up. All in, should there be a sustainable follow-through buying interest, the share price could continue to trend along its trend channel towards its multi-month resistance level of RM2.27 (also its +2SD regression channel line) in the near-term.

Source: Kenanga