To recall, we issued a “Trading Buy” call on COASTAL on 7 May as we anticipated the share price to surge on high trading volume to break out from its “Pennant” chart pattern. Since then, COASTAL did not perform as expected, as the share price continued to consolidate. Thin daily trading volume and flattish readings from key indicators are suggesting low buying interests. Taken as a whole, we believe that the share price is likely to consolidate further. As such, we would like to close position on COASTAL for now, while we will look for strong buying signal to enter the stock again in the future.

Source: Kenanga Research - 11 Jun 2015