Recently, PTARAS was awarded a contract to undertake earthworks and piling works for a building project along Jalan Tun Razak, worth RM32m. Amid this positive newsflow, the share price rose 9 sen (+2.2%) and settled at an all-time high of RM4.17. Chart-wise, a bullish “Marubozu” candlestick has taken shape and the share price has also broken out of the “Bullish Pennant” chart pattern resistance of RM4.12. Coupled with positive readings from key momentum indicators, this portend that an uptrend resumption is already underway. Traders who look to buy into the stock should target to take profit at RM5.16 (3 bids below the RM5.19 Bullish Pennant measurement objective), while setting a strict stoploss at RM4.09.

 

Source: Kenanga