DSONIC climbed 6.5 sen (6.88%) yesterday to close at RM1.01, backed by higher-than-average trading volume.
The spike in share price was likely due to investors optimism towards the announcement made last Friday about a RM270.7m contract awarded by the government to supply polycarbonate biodata pages.
Technical outlook is increasingly positive with the share currently trading above both the 20- and 50-day SMAs, making good recovery from the sell-down that happened from January to end of March.
From here, follow-through buying should lead share price trending towards RM1.07 (R1) and RM1.14 (R2)
Conversely, supports can be identified at RM0.910 (S1) and RM0.765 (S2).
GENM (Not Rated)
Yesterday, GENM finished at RM5.30 – 22.0 sen higher (4.3%) and has seemingly broken above its downtrend line.
Formation of a followed through “Bullish Closing Marubozu” candlestick after series of doji paints a more positive technical picture.
MACD-Signal Line crossover alongside stronger trading volume within past few days is supportive of further buy in.
Expect a recovery with resistances identified at RM5.50 (R1) and RM5.82 (R2).
Support can be found at RM5.00 (S1) and RM4.60 (S2).
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