A series of analyst initiation reports over the Oct-Nov month have propelled INTEGRA to new heights. While trading volume had since tapered off over the recent weeks, this counter has once again caught our attention following the 11 sen jump yesterday (to RM2.18). This could be due to speculations over INTEGRA securing a joint venture with Brazilian mining giant VALE to set up a trans-shipment hub. As a result of the bullish move, INTEGRA has formed a “Marubozu” candlestick to reflect the sustained buying interest. Furthermore, the share price has also broken above its previous high of RM2.16 to mark a continuation of the uptrend. From here, we reckon that INTEGRA has further upwards distance to go. The immediate resistances are located at RM 2.27 (R1) and RM2.39 (R2), and we expect these levels to be achieved fairly soon.

 

Source: Kenanga