COASTAL regained investors’ interests after it secured another vessels sales contract last week. Yesterday, COASTAL rose 9 sen to RM5.05. Technically speaking, COASTAL has broken out from the channel resistance of a ‘Bullish Flag’ chart pattern, indicating a continuation of its prior uptrend. Readings from the indicators suggest that buying momentum is healthy, and we suspect that another bullish move could be underway. From here, we expect COASTAL to rally and retest its previous all-time high level at RM5.18 (R1) fairly soon. Traders who look to buy into the stock should aim to take profit at RM6.47 (3 bids below the RM6.50 “Flagpole” measurement objective), while placing a stop-loss at RM4.80.

 

Source: Kenanga