Recall that we had previously issued a Trading Buy call on K1 on the back of bullish reversal play and rising buying interest. The bullish performance came above our expectations as the share price had exceeded our TP to achieve a gain of 14.6% within a 1-week period. At this juncture, key momentum indicators are already grossly overbought. Thus, we are taking this opportunity to lock in our gains at RM0.63, while we will re-look the stock when its technical picture turns more compelling again.
Source: Kenanga Research - 19 May 2015
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