TA is in the limelight after Datuk Tony Tiah, head honcho of the TA Group, upped his stake in TA Enterprise Bhd, bringing him closer to the threshold that would trigger a mandatory takeover of his listed flagship, according to media. As a result, the share price has spiked up 12.4% in the last three days. Nonetheless, we feel the stock is heavily overbought currently as technical readings suggest maximum upside is capped at RM0.830-RM0.855 (Fibonacci) region. Hence, traders who have positions in this stock could consider too take some profits around these resistance levels. Meanwhile, a strong support is seen at RM0.735. 

 

Source: Kenanga