Trading Buy – Puncak Niaga Holdings RM1.48 Stock Code: 6807
Chart wise:
A trading buy, Puncak Niaga’s candles have largely been on the downtrend for the past few months and recently appeared to have bottomed out. It rebounded from a base at RM0.95 and is currently recovering. Its daily RSI is surging ahead accompanied by slightly bullish MACD and stochastic.
Puncak Niaga Daily Chart: click to enlarge
It had also broken through its RM1.20 resistance, which currently acts as its immediate support evel. The next price objective as well as resistance is at RM1.60. Its short-term moving averages are rising again after being flattish for a while. As Puncak had broken out of the downtrending channel, we are taking a Buy position on the stock.
by: Mercury Securities
