KIANJOO’s technical picture has turned positive after the share price rebounded from the uptrending 20-day SMA support @RM3.11. It also formed a bullish “Flag” pattern after closing 9 sen higher @RM3.23 on active trading volume yesterday, indicating a potential second uptrend wave could be unfolding. Should the overhead resistance be taken out in a decisive manner, we believe the share could make its way towards RM3.58 (+35 sen), based on measurement objective. On the flipside, RM3.11 (20-day SMA) could be the crucial uptrend support for the stock.

Source: Kenanga