Narra’s share price increased 11sen (+4.21%) yesterday, and has been on the uptrend since early June-14. Chart-wise, a “Marobozu’ like candlestick was formed with high trading volume yesterday, implying a bullish outlook ahead. Key momentum indicators like RSI and Stochastics are also positive, suggesting that buying momentum is strong. Besides, all 3 SMA’s are on the uptrend, laying a hand on the bullish biasness. Going forwards, if buying interest persist, we expect share price to rally towards RM2.91 (R1) and possibly RM3.24 (R2) next. Meanwhile, traders should employ a strict stop-loss 3 bids below the share’s support level of RM2.54 (S1) at RM2.51.

 

Source: Kenanga