IT solutions provider IFCAMSC gained 3.5sen (+7.53%) yesterday on higher trading volume. From the technical perspective, an ‘Ascending Triangle’ chart pattern has taken shape and its share price look poised to breakout from the pattern, signalling potential bullishness in the stock. MACD is also hooking up and is poised to stage a positive crossover the Signal line. With such positive readings gathered from momentum indicators, it is believed that buying interest in the stock is gaining momentum. On this bullish note, we advocate investors to look out for potential breakout from the triangle chart pattern. Should that occur, we view that IFCAMSC’s stock price could rally towards our pole measurement objective of RM0.74, implying an attractive upside of 48.0% for investors. Meanwhile, a strict stop-loss should be employed at 0.43 (3-bids below RM0.45 (S1).

 

 

Source: Kenanga