JIANKUN’s share price surged 10 sen or 18.9% to close at RM0.63 on heavy volume yesterday. Technically, share price has broken out from the ‘flag’ chart pattern while also distancing away from all its SMA lines, suggesting the underlying uptrend. The bullish bias can be further evidenced by the MACD indicator, which is heading north. Meanwhile, both RSI and Stochastic indicators are hooking upwards, also indicating positive momentum. Should the buying momentum sustain, we expect the rally to continue with target price being projected at RM0.72, 3 bids below our ‘flagpole’ measurement objective.

 

 

Source: Kenanga