Alam Maritim's share price soared 6.5 sen on Tuesday
following its impressive 2Q quarter results that saw its net profit more than
double year-on-year. From a technical perspective, Alam Maritim has confirmed a
"Double Bottom" reversal pattern, breaking above the trigger line
with 23m shares changing hands. The price action subsequently formed a bullish
engulfing pattern over the next two days, signaling a continuation of the
upward momentum. The former trigger line (RM0.55) has now turned support and we
reckon any weaknesses in the share price would be bought up just north of that level.
Our measurement objective for the immediate term is RM0.62.
On the weekly chart, the MACD Signal line has just managed a
bullish crossover while the histogram has now turned positive. The Stochastics
indicator and the RSI have also hooked
upwards from oversold levels, indicating the bullish momentum is likely
to continue. That said, strong resistance will likely present itself in the
region of RM0.65- RM0.70 where the long term resistance line is situated. Any gains would likely be capped
at those levels.
Source: Kenanga
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