Bermaz Auto Bhd
jumped above the long-term 200-day simple moving average yesterday as the rally picked up steam on burgeoning momentum.
The share has started on a recovery trend, rising towards a target of RM1.18 as it seeks some of the losses made over a 17-month downtrend.
Looking at the technical indices, the momentum has risen to overbought conditions, although the steep incline suggests a sustained uptrend over the coming term.
The daily moving average convergence/divergence (MACD) histogram has also charted a sharply higher positive bar, reflecting the strong bullish momentum.
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