According to PJDEV’s circular to investors, the group’s proposed to buy a 5.9-acre parcel of leasehold land in Seksyen 13, PJ for RM124.4m has caught the attention of investors, who may also have noticed the substantial discount at which the shares are trading to its historical PBV of RM2.12 apiece. Technically speaking, the share price is currently under consolidation mode after the impressive rally since early-September. In fact, the share price is forming a bullish “Pennant” pattern which indicating another round of a bullish rally could be in the making should the share price breakout above the triangle resistance @RM1.23 with strong buying volume. Should that be the case, PJDEV could pave its way towards RM1.48 region in the mid-to-long term, based on previous measurement objective. Meanwhile, the downside support is pegged at RM1.10-RM1.14 zone.

 

Source: Kenanga