This is why Mudajaya Group is a trading buy!
Mudajaya Group Bhd (5085) rose 3 sen to 20.5 sen yesterday to breach the downtrend line and the 200-day moving average.
The stock has been declining from a high of 34 sen in January 2021.
Technical indicators are encouraging as the RSI (reading at 63) is pointing towards the overbought zone while the MACD has just crossed above its signal line.
After yesterday’s surge, profit-taking might kick in. For the downside, we advise traders to cut loss if the price falls below the immediate support of 18 sen, marked by the 50-and 100-day moving averages. JF Apex Research