Highlights / Stock Picks of the Day - Censof Holdings ("CENSOF") – Not Rated

CENSOF's share price has been rallying in recent months following a string of project awards that saw the share price rise almost 50% from its December low of 30 sen. At yesterday's closing price of 44 sen, the share price was up 2 sen on increased volume for the day. Of interest to us is that share price is in the midst of retesting the crucial long term resistance (downward-sloping sloping resistance). We reckon that there
would be strong degree of resistance at this 44/45 sen level, though a successful breakout above this level would herald a major change in trend. Hence, we suggest that traders continue to monitor the stock before taking any action. The technical indicators are mostly supportive for further upside, although on the flipside, the downside could be catastrophic should the share price fail to overcome the aforementioned resistance.

Source: Kenanga