Stock Code: 5077
MAYBULK
recently garnered investors' interest again, surging 10.0 sen (16.0%)
to close at RM0.725 on the back of strong volume breakout from its
1-year downtrend resistance line. We observe that the resurgence of
investors’ interest in MAYBULK came in tandem with the rebounding Baltic
Dry Index (refer to Figure x), which the share price heavily correlates
to. Indicator-wise, the MACD histogram has staged a strong bullish
convergence breakout from its trend line. Besides, an uptick by both
Stochastic and RSI also suggest supportive bullish momentum. We reckon
that MAYBULK provides a trading opportunity and it is expected to see
its share price testing RM0.775 (R1) and possibly RM0.83 (R2) next.
Immediate support is seen at RM0.62 (S1) and RM0.52 (S2) next.
Nonetheless, we advocate conservative traders to wait for a technical
pullback before entering the stock as the stock usually takes a breather
after a strong surge (as circled on chart).
source: Kenanga Research – 29/03/ 2016
MALAYSIAN BULK CARRIERS BERHAD
The Company provides marine transportation through its fleet of dry bulkers and product tankers and ship management services.
The Company provides marine transportation through its fleet of dry bulkers and product tankers and ship management services.
MAYBULK (5077) – Breakout From 1 Year Downtrend
http://klse-online.blogspot.com/2016/03/maybulk-breakout-from-1-year-downtrend.html
