Sentiment towards PTARAS had been upbeat after announcing it had won a contract worth RM74.0m in the Warisan Merdeka tower project. Yesterday, PTARAS surged 13 sen or 4.47% to RM3.04 to stage a 5-month resistance breakout on the daily chart. The bullish gap and a white candlestick on the chart suggested that buyers were in charge of yesterday’s trade, and hence we believe that the upswing can go the distance. Based on the bullish chart formation, we expect follow through buying to carry the share price to retest its recent high of RM3.22 (R2) fairly soon. Traders who are buying into the stock should target 3 bids below this level (at RM3.19), as well as place a protective stop-loss just below the RM2.95 resistance-turned-support level at RM2.92. 

 

Source: Kenanga