Bernas’ nine-month sideways consolidation could end after the index closed above the RM3.30 resistance level for two days in a row. A position can be initiated above the level with a close below last week’s low of RM3.18 as a stop-loss. The price target is RM4.00, provided that 2011’s high of RM3.60 is violated. Failure to stay above RM3.30 should see it return to its sideways trade, with strong support at RM3.00.
Source: OSK
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