Sentiment towards MKLAND had been upbeat following the CEO’s positive comments on the company’s sizable landbanks and property launches in November. The share price crept up in recent weeks to finally surpassed its 39.5 sen multi-month resistance last week. With the bullish breakout, we noticed that an “Ascending Triangle” pattern has been confirmed on the daily chart to signal an extension of its prior uptrend. While the share price has retreated slightly from its recent high of 42 sen (yesterday’s closing price was 40.5 sen), we reckon that MKLAND would eventually resume its move towards 52 sen (Measurement objective) next. Any price weakness towards the 39.5 sen resistance-turned-support should, in fact, be viewed as an opportunity to buy.

 

Source: Kenanga