GROMUTUAL rebounded to a three-month high of 52.5 sen amid fresh bargain hunting. Based on the daily chart, prices are expected to face stiff resistance at the 55-sen barrier, of which a successful penetration would signal the resumption of a rally, targeting the 74-75 sen barrier. Initial support is resting at 49 sen, followed closely by the 46-sen level.
MITRAJAYA Holdings hit a high of RM1.03 during intra-day session, the best since April 1997, on persistent buying following a positive breakout on Tuesday. Technically, indicators are bullish, suggesting more upside potential in the near term. A breach of the RM1.20 barrier would lead to a re-test of the historical peak of RM1.37 while support is lying at the 93.5-sen floor.
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