KUB’s technical picture has turned bullish after the share price rebounded from a “Symmetrical Triangle” support to close at RM0.50 (+2.5 sen) yesterday. In fact, the share price has taken over two SMA resistance (20-day & 50-day) levels yesterday, which reinforced our short-term bullish  view. Similarly, key indicators such as Stochastics and CCI index are biased to the upside now. Should the next overhead resistance (@RM0.520) be taken out, we believe the stock may extend its gains towards RM0.550 and RM0.600 (measurement objective) soon. Immediate downside support is located @RM0.475.

 

Source: Kenanga