PUNCAK’s share price jumped by 18 sen or 6.5% to close above +1SD regression line at RM2.96 yesterday. Three consecutive days of rally coupled with increasing trading volume shows immense buying interest on the stock, backed by positive readings from key indicators (MACD, Stochastics and RSI). Despite the bullish run on the past few days, we view that investors could still look to buy into the stock as RSI indicator is looking strong and has not shown its being overbought yet. We reckon investors who look to ride on the bullish momentum to buy into the stock and expect the share price to retest its immediate resistance level of RM3.05 (R1) and RM3.19 (R2) further. Meanwhile for conservative investors, do relook at the stock does the share price retraces back to RM2.85 (S1).

 

 

Source: Kenanga