KIANJOO’s share price has been on an uptrend for a little
over two years now. The rally was further accelerated in June, following
speculation that the two new additions to KIANJOO’s board would bring strength
to the future direction of the company. As a result, the share price rose
almost 40% to a high of RM2.73 just two months ago. Interestingly, even at yesterday’s
closing price of RM2.12, the overall uptrend still remains intact. We believe
that a rebound from the trend line is already in the making, and our view is
further supported by the bullish short term indicators, which are mostly
bullish. We reckon the reward to risk ratio is particularly high for this stock
technically with a conservative target price of RM2.38 possible while stop-loss
should be placed at RM2.00.
Source: Kenanga
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