May 6, 2014

Buy on Breakout – Narra

Narra Industries Bhd (stock code 5000)  RM1.68.nara_technical_analysis above: Narra daily chart (click to enlarge)

Narra  which  main  businesses  include  producing  medium  to  high-end wooden  furnitures. Recently  it  releases a healthier set of quarterly results that probably triggered some buying activities. Last week, it also announces a multiple corporate proposals.

Chartwise, the share price is  stalling again following on a recovery process. It is currently trading within a band between approximately RM1.60-  RM1.80. If it managed to clear fromthe band, a trading opportunity will arise above the RM1.80 level. Otherwise, it will within the sideways band.

by Mercury Securities.

Narra Industries's core business is the manufacture and sale of cement bonded particle boards and asbestos fibre cement roofing sheets.