Symbol & Code : INCKEN (2607)
Daily Chart – Inch Kenneth Kajang Rubber PublicLtd Co (click to enlarge)
After breaking out of the "Rising Wedge" pattern earlier this month, INCKEN rose as much as 25 sen (29%) to an intraday high of RM1.12 within just 4 days before surrendering much of its prior gains. We reckon that with the key indicators still on a downwards move, the selling pressure would likely continue for a few more days.
Nevertheless, the overall uptrend remains intact, and we expect buying interest to return at the 85 sen - 90 sen levels. As such, we recommend that traders keep a keen watch on the stock, and perhaps position themselvesfor a buy in should the share price return to those levels. Should the entry price be triggered, traders may target the 98 sen and RM1.12 resistance levels, while a stop-loss of 81 sen should be placed.
by Kenanga Research