Recall on (5/14/2014) that we placed a “Trading Buy” call on VITROX with a “Rounding Bottom” measurement objective towards RM2.44 on the back of positive quarterly results. The share price has performed well within our expectations, and broken above our previous Target Price last Friday. Despite the momentum indicators showing that VITROX has been slightly overbought, we think that the buying momentum of the stock has been standing strong. Judging from the strong buying pressure and a reversal signal yet to be seen, we believe that the stock could continue to move higher. Thus, we are revising our TP to RM2.77 while adjusting a higher stop-loss level of RM2.41 (3 bids below the previous resistance-turned-support level of RM2.44).

 

Source: Kenanga