REVENUE gained 20.0 sen (+14.08%) to close at RM1.62 yesterday.
Chart-wise, the share has broken above its previous all-time high of RM1.57 on an exceptionally long bullish candlestick and above average trading volume.
As the share had undergone a rather long period of consolidation since its previous all-time high in Nov-2018, we believe that the rally that should follow could be one to watch.
We set our eyes on RM1.72 (R1) as the first resistance and RM1.82 (R2) as the next. Meanwhile, immediate support levels can be found at RM1.57 (S1) and RM1.42 (S2).
MAYBULK (Not Rated)
Yesterday, MAYBULK gained 4.5 sen (+8.41%) to end at RM0.580.
With the formation of a long bullish candlestick, the share has broken above its 100-day SMA, leading us to believe that the underlying trend could have shifted.
However, given severely overbought signals from stochastic indicator, we believe the share is likely to retrace or consolidate in the near-term.
Should buying momentum continue, we could see the share head towards RM0.595 (R1) and RM0.640 (R2).
Support levels on the other hand can be identified at RM0.560 (S1) and RM0.525 (S2).
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