INSAS gained 7.0 sen yesterday on the back of investors’ positivity on its 31.9%-owned associate, INARI for its expansion plans after they proposed rights issue with warrants. The share price broke out from its “Bullish Pennant” chart pattern at RM1.24 with a spike in volume, signalling bullishness on the stock. MACD has also positively diverged from its Signal Line, suggesting a bullish outlook ahead. Besides, this is reinforced by strong buying momentum in the stock seen with an uptick in both RSI and Stochastic indicators. Traders are advised to take profit 3-bids below our ‘flagpole’ measurement objective of RM1.57 at RM1.54.

 

Source: Kenanga