MUDAJYA gained 4 sen (3.7%) yesterday to close at RM1.12, bucking the trend to stage a significant break-above from its downward consolidation trend since early-June. Coupled with positive uptrends in key indicators since its low on 11-Aug, yesterday’s move may potentially be indicative of a larger reversal play.
Another encouraging note is the weak trading volumes during its downtrend, as compared to strong volumes during its prior uptrend from Feb to May, thus suggesting more a positively biased sentiment as an underlying support for the share. From here, sustained momentum would see the share move towards its overhead resistances at RM1.19 (R1) and RM1.24 (R2). Conversely, a firm support can be found at its low of RM1.01 (S1).
source: Kenanga Research - 3/10/2017
MUDAJAYA GROUP BERHAD
The principal activity of the Company is that of investment holding. The principal activities of the subsidiary companies are civil engineering and building construction hire of plant and machinery manufacturing supplying and trading of construction related materials and housing project management and development.
