Friday, 15 March 2013

Highlights / Stock - Picks of the Day Malaysia Airports Holdings ("AIRPORT") – Not Rated

Since the end of 2011, AIRPORT's share price had been trading within a tight RM1.00 range. The share price had been mostly uninteresting in that timeframe, though we noticed that volatility had picked up in recent months. The swings in price action had resulted in the formation of a "Symmetrical Triangle" pattern on the daily chart. Of note, AIRPORT managed a decisive breakout of the triangle resistance yesterday, when
the share price advanced 15 sen at RM5.80. With the resistance now has turned support, the technical picture indicates that a new bullish trend is already in the making. The MACD indicator has also shown a pick-up in bullish momentum. As such, the share price is likely to continue upwards from here. Immediate support can be found at RM5.70 and RM5.50, while overhead resistance will likely be met at RM6.00 and RM6.30 next.

Source: Kenanga

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