Kossan’s candle broke out of its short-term flag formation yesterday. The breakout also resulted in its core indicators perking up and pointing towards more upsides. The lagging MACD’s slide has also abated and is starting to flatten. With its core indicators strengthening and the candle breaching the upper line, the stock is worth a Short-term trading buy if there is follow through buying today.
Failure to stage follow through buying, on the other hand, leaves a neutral call. The resistance is at RM4.45. The support, meanwhile, is at the upper line of the flag formation at around RM4.05.
by Mercury Securities
The Company is principally involved in investment holding and manufacturing and sales of rubber products. The principal activities of the subsidiaries are manufacturing and trading of latex ..