Jun 4, 2014

Trading Buy – Benalec

Benalec Holdings Bhd (5190) Construction – RM1.18.

Benalec’s candles have oscillated within the 38% and 50% Fibonacci level for the past week, but made a breakout of the RM1.18 level yesterday, which has been its major resistance over the past month. Expectedly, its indicators are on the climb and are looking to strengthen further, despite the stochastic already above the upper limit line.

With the positive outlook permeating, the upside bias looks to sustain with the stock worth a Trading Buy. The resistance pegged at RM1.20, while the RM1.12 level providing interim support.

by Mercury Securities

Benalec Holdings Berhad is principally involved in providing marine construction services and vessel chartering, marine transportation and related services.