RADIANT Globaltech Bhd (stock code: 0202) surged in trading yesterday to break above the 200-day simple moving average (SMA).This spurt of investor interest indicates that a buying catalyst has been introduced, adding momentum to the stock’s budding uptrend.This serves as the stock’s latest attempt to rise out of the recent consolidation channel, with the share price having taken a sideways movement since April this year.
Over the longer term, the share price has been on a bearish footing since falling off its perch after a strong debut on the Ace Market of Bursa Malaysia on July 24. Looking at more recent developments on the daily price chart, the share price has been gravitating higher in August, with the 14- and 21-day SMAs turning higher, suggesting a positive short-term trend.
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