KOSSAN has been trading in a downtrend for the past four-and-half months. But recently we noted that the share price has rebounded and finally broken out from the downtrend line at RM3.88. Yesterday, the share price jumped 13 sen or 3.3% to settle at RM4.09. The gap between MACD and Signal line is widening and RSI is hooking upward, indicating that bullish momentum is underway. Moreover, the share price is well supported by both 20-SMA and 50-SMA. Should the buying interest persists, the share price could rally towards RM4.34 (R1) and possibly RM4.57 (R2) next.

 

Source: Kenanga