Kedah-based property developer KELADI has gained strong market interest post an announcement to acquire GBH’s 13.9 acres land in KL, marking their first attempt to penetrate KL property market. The stock surged 2.0 sen (4.88%) yesterday, breaking out from its “Flag” chart pattern at RM0.42 with robust volume observed. Bullishness is evident with MACD remaining in an uptrend while staying in positive divergence over the Signal line. Meanwhile, Stochastic and RSI have also hooked upwards indicating the building up of buying momentum. Overall, technical picture looks positive for KELADI and it may test the RM0.46 (R1) level. Traders should take profit at our flagpole measurement of RM0.48 while employing a strict stop-loss at RM0.40.

Source: Kenanga