Yesterday, KAMDAR rose 5 sen to close at RM0.80. Interest in the stock reemerged as investors believe that the stock could benefit from the coming Ramadan and Hari Raya festive season sales. From a technical perspective, KAMDAR’s share price resembles the “Bullish Flag” chart pattern which triggers a technical buy signal when the share price penetrates the upper trend line resistance with a Bullish “Marubozu” candlestick. This indicates that there is a strong buying interest at the current level. We suspect that follow-though buying will surface over the next few days. Traders who look to buy into the stock should target to take profit at RM1.01 (3 bids below our “Flagpole” measurement objective) while setting a protective stop-loss at RM0.70.

 

Source: Kenanga