KOSSAN’s share price rose to an all-time high after gaining 9 sen or 1.8% to RM4.99 yesterday on higher-than-average trading volume. To recap, we issued a ‘Trading Buy’ call on the stock with Target Price of RM4.99. Thus, we are now calling for ‘Take Profit’ as our target price has been achieved considering that the Stochastics indicator is overbought while RSI indicator is also approaching the overbought region, suggesting upside could be limited from here. However, we might re-look the stock if the share price breaks out from its resistance level of RM5.14 (R1) with the support of strong trading volume as the MACD indicator is suggesting bullish bias with positive movement.
Source: Kenanga
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