Yesterday, MMODE surged 5 sen (+7.25%) to close at RM0.74. The stock
attracted investors’ interest as the company is currently in the midst
of transferring their listing to the Main Market. A breakout from its
8-month downtrend resistance line is observed at RM0.712 with MACD
trending up and looking poised to stage a positive crossover the Signal
line, indicating a positive outlook ahead. Meanwhile, momentum appears
strong with positive readings gathered from the Stochastic and RSI
indicators. We believe follow-through buying interest could rally the
share price towards RM0.76 (R1) and a breakout could push it higher to
the RM0.83 (R2) level.
Source: Kenanga
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