Similarly, YOCB has managed to break out of its crucial resistance on high volume. The share price was up by 4 sen at 91 sen and as a result, a bullish “Pennant” formation has been confirmed on the daily chart. This represents a continuation of the prior uptrend, with a pick-up in buying momentum reinforcing the bullish technical outlook. We reckon that the share price could potentially extend its gains towards the “Flagpole” measurement of RM1.10 fairly soon. We are recommending a technical buy on the stock, with a target price of RM1.07 (3 bids below measurement objective). At the same time, a protective stop-loss of 84.5 sen is suggested (represents 3 bids below Pennant support level).

 

Source: Kenanga