LBALUM’s share price rose 4 sen (+7.4%) yesterday to 58 sen after the company reported 2Q14 earnings that jumped 39.4% YoY. From a technical perspective, LBALUM has broken out of a classic “Ascending Triangle” pattern to mark the start of an accelerated uptrend. The former 56 sen trigger line has now turned support and based on the bullish chart pattern, we reckon that the share price could potentially make its way towards 70 sen next. We suggest that traders aim to take profit 3 bids below this target level at 68.5 sen. At the same time, a protective stoploss should also be placed just below the trigger line and recent low at 52.5 sen.

 

Source: Kenanga