Maybulk's uptrend to recommence

Maybulk has broken to the upside of the horizontal resistance at RM3.60/62 today. It gained 12 sen to close at RM3.72 for the morning. Volume for the morning session is marginally higher than normal at about 13,000 lots.

If Maybulk can sustain above the breakout level of RM3.60 over the next day or two, this stock's uptrend will continue. As such, Maybulk could be a good trading BUY.

Chart: Maybulk's daily chart as at July 9 (courtesy of Quickcharts)

This is strictly a technical call without any consideration of the company's financial performance & position.