Engtex Group (ENGT MK) Technical BUY with +19.2% potential return Last price : RM1.67 Resistance : RM1.99 Support : RM1.54 Stop-loss: RM1.53 BUY with a target price of RM1.99 with a stop loss below RM1.53. The share price is resilient as ENGT stood above the immediate support of RM1.54 despite two attempts to breach lower in the last 30 days. The share price rebounded from the “cloud” and formed a reversal signal by flashing the “three inside up” candlestick pattern yesterday. Following a bullish crossover in the Stochastic, we expect the positive momentum to rise, thus pushing the share price to retest the previous high of RM1.70 which if breached would pave a way toward our projected target of RM1.99 in the near term.
Maybe the coming quarter result is good ? The previous quaterly results commentary mentioned "expect significant contribution from property projects in this financial year". As property currently contribute only approximately RM1 to 2 m net profit, a spike in contribution can drive earnings through the roof
Exact wordings from the quarterly results commentary "The property division expects to contribute significantly from the two ongoing residential and commercial development projects in Selayang."
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lloydlim
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Posted by lloydlim > 2013-11-28 13:40 | Report Abuse
Be patience, wait & c, shall breach new high next month, time will tell.