Kenanga Research & Investment
Highlights / Stock Picks of the Day - Coastal Contracts Bhd – Trading Buy
COASTAL’s share price recently jumped 24.0 sen or 10.57% to RM2.51 on incremental trading volume, trading near the stock’s multi-year support level. A long white candlestick has formed after the ‘Doji’ candlestick, setting up a potential uptrend reversal direction post the recent sell-down on the stock. MACD indicator has also started to converge on a bullish divergence, supporting the bullish outlook. Both Stochastic and RSI indicator are also reversing strongly from its deep oversold region, laying a hand on the reversal bias. Despite the uninspiring Brent prices recently, we view that strong buying support emerges at the share’s multi-year support level. Thus, we advocate investor’s to buy on weakness into this stock while anticipating the share price to retest its 50-day of RM3.42 (R2) in the mid-term. Meanwhile, we place a strict stop-loss 3 bids below the multi-year support level of RM2.20 (S1) at RM2.17.
Source: Kenanga
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
