KKB’s technical picture has turned bullish after the share price broke out from a downward-slopping channel yesterday. In fact, the stock has completed a bullish “Dragonfly Doji” candlestick pattern after the formation of bullish “Marubozu” candlestick yesterday, which reinforced our bullish view.  Similarly, key indicators such as Stochastic and CCI index are currently biased to the upside. Hence, in the short-term, we believe KKB has further upside to go. We are calling a BUY on KKB with a short-term target of RM2.44 (3-bids below measurement objective). Meanwhile, our stop-loss level is pegged at RM2.07 (3-bids below support).

 

Source: Kenanga