COASTAL gained investors’ interest due to positive outlook that its jack-up rig business may further enhance future earnings. Yesterday, COASTAL’s share price advanced 17 sen (+3.30%) and closed at RM5.32. Chart-wise, COASTAL has broken out from its strong resistance level of RM5.18 with strong trading volume. The MACD indicator had a positive crossover oupled with RSI and Stochastic hooking upwards, suggesting bullish buying interests ahead. Thus, traders may consider buying in now, with upside targets at RM5.50 (R1) and RM6.00 (R2). A stop-loss should also be placed 3 bids below the resistance-turned-support level at RM5.15.

Source: Kenanga