To recall, we had issued a “Trading Buy” call on ALAM on 17 February 2015, with a target price of RM0.95 as the share price reversed from its multi-month downwards spiral in tandem with the strengthening of crude oil prices. However, the technical picture has turned bearish after the share price failed to hold above the support-turned-resistance level of RM0.78 (R1) as crude oil prices have been consolidating recently. The bearish readings from key momentum indicators (MACD, Stochastics and RSI) are suggesting strong selling pressure. As the share price met our stop-loss level of RM0.73, we are cutting our position in this stock. However, we might revisit the stock on fresh any reversal signal.
Source: Kenanga
Chart | Stock Name | Last | Change | Volume |
---|