Kenanga Research & Investment

Highlights / Stock Picks of the Day - Puncak Niaga Holdings Berhad ("PUNCAK”) – Not Rated

kiasutrader
Publish date: Thu, 05 Sep 2013, 10:00 AM
Yesterday, PUNCAK advanced 20 sen to settle at RM2.83. The share price is on the verge of retesting a crucial resistance zone @RM2.90-RM3.00, where a successful breakout would confirm a bullish “Pennant” formation. This potentially signals a continuation of the uptrend, with an impressive 73 sen upside (to RM3.56, based on measurement objective) against just 31 sen in downside risk (strong downside support at RM2.52, which is also 50-day SMA). Hence, we reckon that traders should keep a keen eye on the stock, and watch for upside breakout.
 
Source: Kenanga
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