Kenanga Research & Investment
Highlights / Stock Picks of the Day - Kossan Rubber Industries Berhad (KOSSAN) – Not Rated
KOSSAN's share price jumped 20 sen to close at RM4.27 yesterday. The stock saw a sharp rise in trading volume to break out from the "pennant" chart pattern. Key indicators hooked upwards, which indicates strong buying interest. The MACD line has crossed over the Signal line, implying that the bullish trend should continue. Despite the Stochastic indicator entering overbought territory, we reckon
that the bullish momentum should push the stock towards the "flagpole" measurement objective of RM4.54. Meanwhile, a strict stop-loss level is applied 3 bids below its new resistance-turned-support level of RM4.10 at RM4.07.
Source: Kenanga
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