On Tuesday, LIONIND advanced 11.5 sen to end at RM1.03. The share had surged to an intraday high of RM1.10 earlier in the day before investors went into a profit-taking mode in the second half of the trading day. Of particular interest to us was that LIONIND had broken out of a two-year downtrend as a result of the bullish move. In fact, a chart pattern resembling a "Double-Bottom" has just been confirmed. We reckon that this could be a prelude to a major bullish reversal for the stock, and expect the share price to gradually make its way towards the RM1.14. Traders looking to buy into the stock should aim for RM1.12 (2 bids below projected price), while a stop-loss should also be placed at 98 sen.

 

Source: Kenanga