Gamuda shares bottomed out above an extreme low of RM2.80 on 18 March before staging technical rebound which was capped at RM3.50 to fully cover the post election gap-down. A decisive breakout above this level on strong buying momentum is essential to fuel further upside towards RM3.80, where stronger selling interest should emerge.
The overhead 200-day SMA which is leveling above RM4.10 will prove to be a formidable ceiling. Immediate support is seen at RM3.10.
TRADING VIEW: SELL ON RALLY prior to profit-taking correction.
Monday, April 21, 2008
Gamuda (Bursa Malaysia: 5398)
