Highlights / Stock Picks of the Day - Censof Holdings ("CENSOF") – Not Rated

Just yesterday, we commented that CENSOF was within a close range to the long term resistance and that traders should watch for a breakout above this 45 sen level. Indeed, the share price has now broken above this crucial level, having closed up by 1.5 sen at 45.5 sen. The technical picture has improved significantly as a result, and we reckon that any downside from here would likely be limited to the resistance-turned support at 43-45 sen. The technical indicators are also bullish with the MACD Histogram on an expansion track while the Stochastic indicator entering a bullish state. From here, we expect further upside towards 50 sen, and 55.5sen further up. In the meantime, we expect some support to be present at 43 sen and 37 sen.

Source: Kenanga