Yesterday, TEOSENG rose 11.0 sen or 6.7% to settle at RM1.81. Chart-wise, TEOSENG is forming a “Marubozu” candlestick to signal a strong buying interest on the back of above-average trading volume. As a result, the share price has marginally broken above its lower-Bollinger band. Key indicators such as RSI and Stochastics are hooking upwards, with Stochastic reversing from its oversold zone, to imply a potential reversal play. Should follow through buying interest picks up, we believe share price will continue to rise towards its Bollinger band mean of RM1.94 (R1).

Source: Kenanga Research - 14 May 2015