Kenanga Research & Investment
Highlights / Stock Picks of the Day - Press Metal Bhd – Stopped-out
Recall that we issued a ‘Trading Buy’ call in this stock on 28th October 2014 based on bullish technical signals gathered back then. However, market went south since then and PMETAL saw its share price undergoing sharp share price consolidation since end Dec. This has triggered our stop loss of RM2.79. Underlying trend remains unfavorable with its 20-day SMA crossing below its 100-day SMA, forming a ‘Dead Cross’. Both RSI and Stochastic indicators were flattish, indicating lack of buying interest. Therefore, we now issue a ‘Stopped-out’ call on the stock.
Source: Kenanga
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