SUCCESS successfully captured investors’ interest as market players believe that the under-researched stock is deeply undervalued (currently only trading at historical PER of 6.0x vis-à-vis the FBMSC index Fwd. PER of c.10.0x). Yesterday, SUCCESS rose 11 sen (+7.48%) to close at RM1.58. Strong buying interest was witnessed on the stock, as suggested by the bullish “Marubozu” candlestick and the huge spike in trading volume yesterday. Meanwhile, the MACD has just issued a positive crossover to the Signal, indicating that the buying momentum is pilling up. Should the buying interest persists, we believe that the RM1.61 previous all-time high resistance level could be taken out fairly soon. Traders should target to take profit at RM1.74, while setting a protective stop-loss at RM1.48.

 

Source: Kenanga