Kenanga Research & Investment
Highlights / Stock Picks of the Day - KKB Engineering (KKB) – Not Rated
KKB's price action has been exhibiting clear cyclical patterns over the past 6 months, with the share price rebounding each time it retests the 50-day SMA. Yesterday, the KKB had once again confirmed this trend before ending the day up by 10 sen at RM2.75. Nevertheless, we believe that KKB has further upwards distance to go. The Stochastic and RSI indicators have only just entered into
bullish territory. This leads us to believe that the current upcycle is likely to continue over the next few days. As such, we expect the recent high of RM2.84 (R1) to be challenged soon. Should this resistance level be taken out in a convincing manner, we would then set our sights on RM3.17 (R2) next.
Source: Kenanga
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