HUAYANG – Stock Code 5062
• HUAYANG jumped an impressive 6.5 sen (10.4% to RM0.69) yesterday, accompanied by exceptional trading volumes.
• Share is now potentially showing signs of bottoming-out after hitting a “double-bottom” in December last year.
• Over the past 1-2 months, MACD has been creeping upwards despite sideways movement of the share price – thus signalling an underlying build-up in momentum.
• Expect follow-through buying from here, with resistances at RM0.74 (R1) and RM0.83 (R2). Conversely, firm downside support can be identified at low of RM0.595 (S1).
source: Kenanga Research – 16/01/2018
