Recall that last Thursday (4th April), we highlighted PUNCAK when the share price broke out of a “Bullish Pennant” chart formation. Within just three trading days, PUNCAK advanced 16.4% or 27 sen to end yesterday’s closing price of RM1.92. The share price has now surpassed the 14 month high (and also our technical target price) of RM1.89/90, and we reckon that this could be a signal for many traders to jump into the bandwagon. Hence, we expect the share price to gradually make its way higher towards RM2.07 and RM2.13 next. Traders who had previously bought into the stock should now consider capital preservation, where the initial stop-loss of RM1.42 should now be moved up to RM1.85 (3 bids below the RM1.89/90 resistance-turned-support).

 

Source: Kenanga