Yesterday, MPAY’s share price gapped up to break out from its multi-month resistance level of RM0.32, confirming the “Rounding Bottom” chart pattern. The stock then closed at RM0.34 to settle above the Upper Bollinger Band and all its SMAs level. The share price has been garnering interest for the past one month, evidenced by the heavy trading volume and Stochastic indicator consistently hovering above the overbought line. However, as the share price has formed a ‘Gravestone’ doji candlestick during yesterday’s trading session, we advocate investors to wait for the share price to retrace towards its resistance-turned-support level of RM0.32. Shall the share price manage to stay above this level, it will be a good entry level to buy into the stock (at RM0.32).
Source: Kenanga Research - 23 Apr 2015
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