TAKAFUL’s technical picture looks positive as the share price is poised to re-test the bullish “Ascending Triangle” breakout point @RM9.70. Similarly, key indicators such as Stochastic and RSI are bias towards the upside. Going forward, we believe buying interest could likely emerge should the overhead “Triple Top” resistance being taken in a decisive manner. Should that be the case, we believe the share price could potentially form a new bullish trend with an immediate target pegged @RM11.00 (Fibonacci Projection). Thus, we suggest investors to keep an eye on the stock for the upside breakout point before buying. 

 

Source: Kenanga