MEXTER TECHNOLOGY BHD Stock Code: 0075
Earlier last month, its share price broke out of its sideways trend at RM0.08 (27-May) and commenced a four-day rally to as high as RM0.23. This came amid strong 1Q16 earnings and a positive commentary on future prospects by the management. While the share price pulled back to RM0.15 over the subsequent two weeks, buying interest returned yesterday after the share price shot up 3.5 sen (22.6%) to finish at the day’s high of RM0.19. More importantly, MEXTER has broken out of a “Bullish Flag” pattern to signal a continuation of its prior uptrend. From here, we expect a retest its recent high of RM0.23 (R1), before reaching the “Flagpole” measurement objective of RM0.31 (R2). Traders may look to buy now or on any weakness towards RM0.15 –RM0.17 (S1). The technical picture is deemed bullish unless the RM0.15 (S2) support is violated.
source: Kenanga Rsearch – 21/06/2016
