Negative bias is detected as KPJ failed to make a new high in the past month. This position can be exited on a close below the 2-day low of RM5.80. A conservative trade may wait until a close below last week’s low of RM5.70 before exiting. Support is expected at the psychological RM5.00 level. The negative bias will be cancelled should the RM6.00 resistance be broken, after which the stock should trade higher instead.
Source: OSK
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