Among the top gainers for the day was OLDTOWN which advanced 9 sen at RM2.59. Trading volume has been increasing in recent days, and the stock has been relatively resilient in contrast to the broad market weakness. In fact, the long white candlestick formed yesterday serves as an indication that OLDTOWN may be on an uptrend resumption towards RM2.67 and possibly RM2.89 next. The indicators are also bullish, and we look towards a MACD-Signal line crossover very soon. At present, strong support can be found at the RM2.48 level, and we expect the downside to be capped at this level for now. Traders looking to buy into the stock should target 3 bids below the RM2.89 resistance, while a stop-loss of RM2.45 should also be placed.

 

Source: Kenanga