To recall, we had issued a ‘ Trading Buy’ call on MYEG on 26 February 2015 where we anticipated that the share price could resume its uptrend after a potential breakout from the ‘Pennant’ chart pattern. Since then, the share price has performed as per our expectation and even exceeded our TP of RM2.77. Since then, the share price began to lose market interest after the short rally. Coupled with key indicators (Stochastics and RSI) turning bearish, this suggests that the share price could possibly consolidate further. All in, we are taking profit on this counter for now and will revisit the stock on fresh reversal signal.

Source: Kenanga