Recall that we placed a Trading Buy call on MITRA back in 21st January 2015, as the share price surged past its consolidation phase to break above all the key SMA levels on the back of heavy interest due to its strong order book target of RM1.5b for 2015. MITRA’s share price has since been channeling upward and it surged strongly yesterday to break above its resistance level of RM1.16 to settle at RM1.18 (+7.27%). Key indicators remained on positive bias, but are approaching its overbought level soon. As the share price has surpassed the target price objective of RM1.17, we are taking profit on this stock for now, locking in a gain of 12.4% within a short span of 1 week. Meanwhile, we will relook the stock again once it neutralize its near-term overbought situation.

Source: Kenanga