KRONO has undergone a consolidation phase to neutralise its overbought situation and the share price now hovers just above its -2SD regression level. Key indicators (Stochastic and RSI) are looking healthy at this juncture, emerging from their respective oversold region. Backing up the rising buying momentum is the increased trading volume seen recently. With follow through buying interest, we reckon that the share price could look to stage a rebound play from its -2SD regression level to rally towards our target price objective of RM0.41 (which coincides with its all-time high level and its +1 SD level).
Source: Kenanga Research - 8 May 2015
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