MITRAJAYA Holdings Bhd (code: 9571) has been gaining momentum of late, although it remains trapped within a sideways trading range.

Yesterday, the share price pushed off the immediate support of 37.5-38 sen, which represents the lower limit of a consolidation channel, and hit an intra-day high of 39.5 sen.

It seemed fitting that the share price should pause at this level as there is a convergence of simple moving averages (SMA) near 40 sen, a symptom of the ongoing consolidation.

...

Full Article on TheStar