After a healthy pullback for the past few months, INSAS has regained investors’ interest with its share price gaining 8 sen in the past two days to close at 90.5 sen. This could be due to the recent share price spike of INARI, in which Insas owns a substantial holding. As a result of the sharp moves on higher volume, INSAS has confirmed a “Bullish Flag” pattern which is indicative of a continuation of its prior uptrend. The key indicators are also supportive of an up-cycle, with moving average crossover and RSI indicators hooked up. We expect INSAS to extend its gains onwards the RM1.25 “Flagpole” measurement objective. Meanwhile, near term downside should be quite limited, and we would expect strong support at the 86 sen (S1) support level.

 

Source: Kenanga