KLCC Property ("KLCCP") has been trading within a
clearly defined regression channel since the start of July. KLCCP's share price
was not immune to the recent selldown in the broader market, reaching a low of RM5.42
before forming a "Spinning top" bottom reversal candlestick at the
channel support. The share price has since rebounded sharply, supported by the
14-day Stochastics indicator that has
just hooked up. With the rebound underway, the next resistance level can be
found at RM5.80 and RM6.10, which represents the August high and the upper channel
resistance respectively. On the flipside, the MACD is showing signs of bearish
divergence, indicating that the uptrend is losing omentum. We reckon the share
price may continue rising but investors should look to book in gains as the
share price approaches the RM5.80 resistance level.
Source: Kenanga
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