Kossan gained 19.0 sen (+4.21%) to close at RM4.70 yesterday on the back of more bullish outlook on rubber prices driven by tighter supply as a result of monsoon rain in Dec. Its share price rebounded after testing its upward trend channel support yesterday. Buying interest is picking up with both Stochastic and RSI indicators seen rebounding off sharply from their oversold territories. Besides, MACD has also just issued a BUY-signal. We believe a near-term rally in share price is in sight given its bullish technical showings. Hence, we advocate a Trading Buy strategy in order to capitalize on this rally. The stock is likely to retest its trend channel resistance level of RM4.98 (R1) fairly soon as well.
Source: Kenanga
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