Mudajaya jumps 7.91% on positive technical outlook

KUALA LUMPUR (May 18): Shares of Mudajaya Group Bhd rose 7.91% this morning after RHB Retail Research said Mudajaya may climb higher after posting a long white candle and hitting its new 52-week high.

At 10.09am, Mudajaya rose 11 sen to RM1.50 with 5.49 million shares done. It has a market capitalisation of RM769.91 million.

In a trading stocks note today, the research house said this upward momentum is likely to continue, given that it has posted a second consecutive white candle.

"A bullish bias may appear above the RM1.30 level, with an exit set below the RM1.13 threshold.

"Towards the upside, the immediate resistance level is seen at RM1.76. This is followed by the RM2.14 level," it said. — theedgemarkets.com

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