Yesterday, GREENYB’s share price rose by 1.0 sen to settle at RM0.23, backed by rising trading volume. Chart-wise, a “Marubozu” candlestick is formed on a rising trend, to close at its 20-day SMA line. The MACD is currently trading above its positive signal line and key indicators such as Stochastic and RSI are improving, signaling buying interest is picking up. Should the buying interest persist, we believe the share price could retest its immediate resistance level of RM0.26 (R1), which is also its 50-day SMA level. A breakout from the multi-month downtrend resistance level shall lead the share price to reverse from its downtrend trajectory.

Source: Kenanga Research - 5 Jun 2015