On Monday, an individua,l Tan Ching Ling, emerged as a substantial shareholder after acquiring 5.07% stake in ESCERAM, the ceramic dipping former manufacturer. ESCERAM was up by 2.0 sen (+8.2%) to close at RM0.265, backed by a spike in trading volume. The stock is trading above all of its SMA (20, 50 and 100 days), with all key indicators (MACD, Stochastic Indicators and RSI) hooking upwards. Note that MACD is trading above its Signal line. However, Stochastic Indicator shows that the stock has entered overbought zone, indicating a possible reversal from its uptrend. Should buying interest persists and key indicators remain bullish, we expect share price to rise to RM0.27 (R1) and possibly RM0.28 (R2).
Source: Kenanga
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