Yesterday, MYEG gained 10 sen or (+3.40%) to close at RM3.04. This
counter has garnered interest with JPJ reportedly intending to
digitalize 85.0% of their counter services to online platform, giving
leveraging opportunity for MYEG and introducing new JPJ-related services
in FY14. From a technical perspective, a breakout from its ‘Symmetrical
Triangle” chart pattern is seen at RM2.79 with MACD trending up in
positive divergence. RSI and stochastic indicators are seen to be
hooking up, signaling strong buying momentum. Immediate resistance is
placed at RM3.35 (R1). Meanwhile, traders could take profit at 3 bids
below our price target of RM4.07, based on our “Ascending Triangle”
measurement objective.
Source: Kenanga
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