Highlights / Stock Picks of the Day - Alam Maritim Resources ("ALAM") – Not Rated

Over a course of 6 weeks, ALAM’s share price had retreated from as much as 20% to a recent low of 76 sen. The subsequent rebound was lackluster, and the share price was seen hovering just above the upward sloping trend line before staging a rebound yesterday. At a closing price of 80 sen, ALAM was up 2.5 sen for the day. In fact, the bullish move signals a possible continuation of the uptrend, and as such, we suggest that traders continue to watch the stock for any follow-through buying today. Overall, the technical indicators are supportive of a move higher and should this be the case, the share price would potentially rally towards the 94 sen high. Meanwhile, we expect any downside to be capped at the 76 sen support.

Source: Kenanga