Penang-based technology counter, INARI attracted strong buying interest recently boosted by its undemanding valuation and strong earnings growth prospects. At yesterday’s closing price of RM2.38, its technical picture looks bullish as the share price has broken out of a mid-term channel resistance level @ RM2.30 amid an increase in trading volume. The breakout marked a continuation of the uptrend and this comes alongside the key indicators which show that there is no letting up of the buying momentum. We reckon that even with the RSI now above the overbought mark, follow-through momentum would likely propel the stock towards RM2.60 (R1), and possibly RM2.80 (R2). 

 

Source: Kenanga