Recall that on 9th of April, we highlighted SAB (Technical Buy @ RM4.16) when its share price confirmed a “Bullish Pennant” chart pattern. During this short two weeks time, the share price has performed very well, with SAB surpassing our target price of RM5.07 and shot to an intra-day high of RM5.98 last Friday. Following the UMA querry issued by Bursa Malaysia, profit-taking activities were seen active on the stock yesterday. We also note that both the Stochastic and RSI indicators have entered into deeply overbought regions. This indicates that further gains are likely to be limited from here, and as such, we are suggested that traders “Take Profit” at the current level (RM5.38) for a meaty 29.3% gain within this short two-week time-frame.
Source: Kenanga