Since November last year, TAS has been trading in an uptrend channel surging c.73.7% on the back of improving earnings and robust oil and gas prospects as being perceived by the market. On Monday, its share price gained 4 sen (+2.52%) to close at RM1.63, breaking out from the trend channel resistance level of RM1.60. Uptrend remains intact with its share price hovering above all 3 key SMA lines and MACD remaining in positive divergence from its Signal line. Key indicators (Stochastic and RSI) are also hooking upwards, further supporting the bullish bias. We believe that follow-through buying interest could rally the share price towards RM1.73 (R1) and possibly RM1.88 (R2) next.

 

Source: Kenanga