GAMUDA attracted investors’ interests after media reported that GAMUDA
is likely to land the Project Development Partner (PDP) contract in
Penang. Following the positive news flow, GAMUDA’s share price surged 12
sen yesterday to end at RM4.88. GAMUDA’s technical picture looks
interesting as the short-term trend line of RM4.73 has been taken out
with a long white “Marubozu” candlestick. Key momentum indicators like
MACD, Stochastic and RSI are also hooking upwards, suggesting that
investors’ sentiment has turned bullish on the stock. Judging from
yesterday’s strong buying interest, we reckon that follow through buying
interest would continue to surface over the next few days. From here,
GAMUDA could move higher to challenge the previous 5-year high level of
RM5.15 fairly soon.
Source: Kenanga
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