KUALA LUMPUR (Jan 17): OSK Retail Research said over the last two trading days, KIAN JOO CAN FACTORY BHD []’s share price was charging towards the tough RM2.28-RM2.31 resistance area with strong and rising volume.
It said on Tuesday if market interest in Can-One and Kian Joo remains high, there is a possibility that the stock will eventually push itself beyond the resistance area.
“As such a violation is expected to sustain the current upward momentum, traders could consider accumulating the shares between the RM2.16 level and the current level. If a breakout materialises, the momentum should be able to carry its share price closer to the RM2.56 resistance level.
“Our cut-loss point is pegged at below the RM2.16, as a dip below this level would signal that Kian Joo will start consolidating the strong gains recorded over the last two sessions,” it said.
It said on Tuesday if market interest in Can-One and Kian Joo remains high, there is a possibility that the stock will eventually push itself beyond the resistance area.
“As such a violation is expected to sustain the current upward momentum, traders could consider accumulating the shares between the RM2.16 level and the current level. If a breakout materialises, the momentum should be able to carry its share price closer to the RM2.56 resistance level.
“Our cut-loss point is pegged at below the RM2.16, as a dip below this level would signal that Kian Joo will start consolidating the strong gains recorded over the last two sessions,” it said.
