AXIATA underwent some technical correction recently post its 4-month consolidation phase, reaching a YTD low of RM6.60. Yesterday, the share price garnered investors interest to break above its lower Bollinger-band to confirm a reversal signal. Backing up the reversal play are some encouring signs from key momentum indicators such as Stochastic and RSI, as they are emerging strongly from their respective oversold region. These phenomena imply that buying momentum is building up. With that, we view that the share price would stage a rebound play to rally towards RM7.00 (R3) in the near-term.
Source: Kenanga Research - 12 May 2015
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