Yesterday, SALCON’s share price increased marginally by 1.5 sen or 1.78% to close at RM0.86. To recap, we have issued a “Trading Buy” call at 8 May after a strong breakout from its psychological support-turned-resistance level of RM0.87. However, the stock did not perform according to our expectation and has been consolidating for more than a month. The technical picture is no longer compelling to us for now with key indicators trading sideways. Hence, we decided to close position and will revisit the stock once new reversal signals are identified.

Source: Kenanga Research - 9 Jun 2015