KUALA LUMPUR: Sapura Energy Bhd emerged as the most actively traded counter in early trade Tuesday, with over 172 million shares changing hands despite no major announcements.
The counter rose 1.5 sen to 99 sen in early trade before slipping four sen, or 4.1% to 94 sen at 9.44am.
Kenanga Research said Sapura Energy rallied a whopping 16.5 sen (20.4%) yesterday, closing at intraday high of 97.5 sen with a white Marubozu candlestick.
Importantly, yesterday’s move marks a second consecutive day of a remarkable run, both of which are accompanied by healthy trading volumes of more than double its daily average.
Kenanga believed that the share was showing signs of bottoming-out after hitting a low of 66.5 sen on the first trading day of the year.
“Indicators have now turned positive, with the MACD crossing above its Signal line, while the RSI had punched out of the oversold zone, thus tipping the biasness of the share towards a continued bullish move.
“From here, follow-through momentum could see the share trending towards resistances at RM1.21 (R1) and RM1.38 (R2), while downside support can be found at its aforementioned low of 66.5 sen (S1),” Kenanga said.