LBS close lower for the second day after the share price surged to intra-day fresh high @RM1.97. We believe the share price might undergo further correction judging from waning indicators readings on Stochastics, RSI and CCI. In fact, the share price might go down to “close the gap” at the RM1.55-RM1.60 region (20-day SMA support) before any potential rebound. Hence, trader may want to sell first and buy back at the aforementioned support zone as  the long-term technical picture is still biased to the upside.

 

Source: Kenanga