Recall that we had previously issued a Trading Buy on EVERGRN on 10th April 2015, with a protective stop loss at RM1.14. As of yesterday, the share price has breached our protective stop-loss of RM1.14. Chart-wise, the share price has broken below the strong trend line support as well as 20-day SMA, confirming the bearish downtrend. Key-indicators-wise, both MACD and Stochastics are heading south, supporting our bearish view. As the previous bullish outlook is no longer in play with the share price hitting our stop-loss level, we are cutting our position in this stock.

Source: Kenanga Research - 22 Apr 2015