Recall that on 20 May 2015, we had issued a “Trading Bull” call on PHARMA with a target price of RM7.89, with a stop loss level placed at RM6.75. Yesterday, PHARMA’s share price fell below its stop loss level to close at RM6.52, backed by thin trading volume. The stock has been trending downwards since it did not cross the then resistance level at RM7.32. All other key indicators such as MACD and RSI are heading south, while Stochastic Indicator has turned into the oversold zone, indicating persistent selling pressure. As the share price has dropped beyond our stop loss level, we are closing our position on this stock.
Source: Kenanga Research - 2 Jun 2015
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