Highlights / Stock Picks of the Day QL Resources Berhad ("QL")

Recall that in our last technical report on QL (28 Sept.), we called for a 'technical buy' at RM3.11 when the share price formed a bullish "Morning Doji Star" at the rectangle support. Since then, the share price had been relatively uninteresting, where it subsequently rose to a high of RM3.22 before turning southward. At yesterday's closing price of RM3.08, we reckon that this may yet be another opportunity to  buy into the stock. The share price is within a whisker from the crucial RM3.06 support, while the 14-day Stochastic looks to be hovering at oversold levels. Traders may consider buying in now, with upside targets RM3.22 and RM3.32. A stop-loss should also be placed 2 bids below the rectangle support at RM3.04.

Source: Kenanga