Kenanga Research & Investment
Highlights / Stock Picks of the Day - V.S. Industry Bhd (VS) – Take Profit
We issued a Trading Buy call on VS on 23 September 2014 with a target price of RM3.26 after the share price broken out of a long-term resistance turn support at RM2.23. The underlying trend of VSI remained up as it currently stays above all the key moving averages. However, key indicators (RSI and Stochastic) are weakening, coupled with a black candlestick appeared in daily technical picture supported with high daily trading volume, indicating strong selling pressure from retailers who potentially look to lock in gains on its recent bull run before the holiday season. As we are approaching the year-end, we are closing our position on this stock at RM2.45. Meanwhile, we still remained bullish on the outlook of this stock with a near-term TP of RM2.85 backed by its recent outstanding earnings result.
Source: Kenanga
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