INARI’s share price increased by 12 sen (+4.15%) to close at RM3.01 yesterday with a spike in trading volume. The strong resistance level of RM2.91 has finally being taken out, and all 3 SMA’s are now trending upwards. Momentum indicators also support the bullish momentum as the MACD has crossed over the signal line, while RSI and Stochastics appear to be pointing upwards. We expect buying interest to persist, as the long-anticipated resistance breakout could act as an uptrend resumption signal. From here, we believe that the share price could push towards RM3.51 level. Traders should aim to take profit 3 bids below this level (at RM3.48), while setting a protective stop-loss at RM2.88.

 

Source: Kenanga