Kenanga Research & Investment
Highlights / Stock Picks of the Day Takaso Resources Berhad – Not Rated
TAKASO gained 1.5 sen (+2.80%) yesterday to close at RM0.55. From the technical perspective, its share price has been in consolidation phase since October 2014 with dwindling trading volume. However, buying interest seemed to pick up steam recently with Stochastic and RSI indicators rebounding strongly off their oversold region. Meanwhile, a “Pennant” chart pattern has taken shape and if the share price break out from this pattern, it could rally its way up to our pole measurement objective of RM0.77 (R3). Things are looking better for TAKASO now technically and traders are advised to look out for a breakout from its chart pattern to capitalize on a potential rally.
Source: Kenanga
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