Highlights / Stock Picks of the Day - Lafarge Malayan Cement Berhad

Lafarge Malayan Cement’s ("Lafarge") share price rebounded from its trend line support after forming a "Dragonfly Doji" on Thursday, with the price closing above the 20-day SMA. The MACD has hooked up and is also seen making a bullish signal line crossover indicating that the bullish momentum is likely to continue for a while the 14-day Stochastics also points towards a continuation of the short term up-cycle. We recommend a current market buy with overhead resistance levels seen at the midAugust high of RM8.95 and the 123.6% of the Fibonacci Extension level at RM9.49. Downside supports, on the other hand, remain in the region of RM8.36 and RM7.65.

Source: Kenanga