BONIA's share prices have been on the rise, after analysts reaffirmed their “Outperform” recommendations on the stock, citing that future growth would be driven by rising sales volume and margin expansion. Yesterday, BONIA rose 8 sen to break out from its resistance level, confirming a ‘bullish flag’ pattern. Key indicators (MACD, Stochastic, RSI) are all positive and improving, supporting the continuation of its prior uptrend. We reckon that the share price could extend its gains over the next few weeks towards the RM4.99 ‘Flagpole’ measurement objective. We suggest traders to take profit 3 points below this level at RM4.96, while placing a stop-loss at the previous resistance-turned-support level of RM4.36.

 

Source: Kenanga