Chart wise : Range bound …….
Inch Kenneth (stock code 2607) had on 2/6/2010 crossed over the downward sloping trend line extended from day high of RM0.545 (6/5/2010) to connect the other day high of RM0.505 (20/5/2010) with a day high of RM0.50 before settled at RM0.495.
Price Direction …..
In view of an increase in market participation, the stock could be expected to trade sideways with upside bias in coming day(s). Overhead resistance and support are pegged at RM0.505 and RM0.465 respectively.
What to watch for ….
A turnaround of prices to close above RM0.505 level would see the stock going for RM0.55 target.
by Mercury Securities
Inch Kennecth is involved in investment holding and carries on the business of an oil palm grower. The subsidiary undertakings are engaged in the operations of a tourist resort, retailing building supplies, property development and leasing of properties.
