PUNCAK has broken out of a bullish “flag” pattern and 20-day SMA resistance after successfully rebounding from RM1.80 support (50-SMA line) recently. The share price rose 8 sen for the day to close at RM1.92. As for the indicators, the 14-day Stochastic indicator emerged from oversold levels to signal the start of a short term up-cycle. Traders may look to enter at RM1.90 (20-day SMA support) while targeting RM2.13 (3-bids below measurement objective) as a level to take profit. Meanwhile, the downside appears limited with a support located at RM1.80.

 

Source: Kenanga