Tuesday, 12 March 2013

Highlights / Stock Picks of the Day - Star Publications ("STAR") – Not Rated


Similarly, we had also highlighted STAR on the 20th of February, after the share price formed multiple "Dragonfly Dojis" on the daily chart. The share price had mostly played out as per our expectations, and had
gained a respectable 18 sen since we highlighted the stock. In fact, a 9.0 sen dividend (including 3.0 sen special dividend) will go ex-dividend today. On Monday, the share price closed up by 13 sen to settle at
RM2.74. Anticipations of the dividends aside, the upwards move was very bullish as the share price has broken out of the 21-day Bollinger band on high volume. We reckon that with the technical indicators increasingly bullish, the share price would likely continue its upwards move towards RM2.82-RM2.85 where some resistance would likely exist (100-day SMA). Should these levels be taken out next, we reckon that further gains may be expected towards RM3.10.

Source: Kenanga

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