AKNIGHT’s share price has been rallying for the past week spurred by news of it entering a joint-venture to develop 2 parcels of land in Kuantan, measuring 15.7 acre and 1.1 acres. The series of bullish moves have resulted MACD hooking upwards and seeing a Bollinger Band breakout amid high volume. Based on the overall technical picture, we believe the share price could potentially extend its rally towards RM1.65 next. Traders may peg a technical target price of RM1.62 (3 bids below the measurement objective), while a stop-loss of RM1.07 should also be placed.

 

Source: Kenanga