Yesterday, GKENT rose 8.0 sen to close at RM1.90. The stock gained investors’ interest post its encouraging FY14 results, which was underpinned by steady progress of Ampang Line Extension construction project. Yesterday, GKENT broke out from its “Pennant” chart pattern resistance level of RM1.86 with high trading volume. The MACD has also staged a positive crossover of Signal line further confirming the bullish uptrend. Buying momentum also appears to be strong with an uptick in key indicators. Should the buying momentum continue, the stock could test the RM2.12 (R1) level and a breakout could propel the stock further towards its RM2.24 (R2) level. Traders are advised to take profit at 3 bids below our ‘Flagpole’ measurement objective of RM2.62.

 

Source: Kenanga