Earlier in the month, ORNA rallied on rumours that the company was in takeover talks, although this was promptly dismissed in an announcement by ORNA’s management. While the share price had been through a wild ride over the past few weeks, a “Bullish Flag” pattern has taken shape on the daily chart with yesterday’s 11 sen advance to RM1.21. Speculation aside, the technical picture suggests that ORNA could potentially extend its rally towards RM1.60 where the “Bullish Flag” measurement target price is located. At the same time, a bottom has formed at the recent low of RM1.04 where we would expect strong support.

 

Source: Kenanga