Since our ‘Trading Buy’ call on SKPRES in June, its share price has surged 28.4% with a closing price of 61.0sen yesterday as it has attracted strong investors’ interest due to its robust fundamentals with capacity expansion plans in place. In less than a month

time, it has already surpassed our suggested “Take Profit” level of 60.0sen. Chart-wise, overall uptrend appeared to be intact with MACD indicators still trending up. Nevertheless, it’s Stochastic and RSI indicators are seen to be in the overbought territory. While technical picture remained positive, we would prefer to take a more conservative approach and traders are suggested to take profit at the current price level. We shall revisit this counter again should there is any sign of strong bullish momentum moving forward.

 

Source: Kenanga