AEONCR has been trading within a mild uptrend channel cycle over the past two months. Recently, the share price rebounded from the channel support @RM16.46 (intra-day low) before closing at RM17.20 (+40 sen) yesterday. A fourth up-swing looks to be underway while the Stochastic indicator reinforces this view. Hence, we believe the stock could potentially make its way up towards the channel resistance @RM18.00 next. Should this level be taken out as well, AEONCR would then have a clear path towards RM19.20 further up.

 

Source: Kenanga