Stock Code : 5190
Price : RM 0.665 (15th January 2015)
Target Price : RM 0.90 (35% upside, or 23.5 cents)
Benalec had recently formed a new uptrend based on the recent movement. According to Elliot 5 Waves Theory, Benalec will be starting the 3rd wave in the uptrend movement. Thursday's break above RM 0.65 with 6.45 million shares transacted is a good indication for a higher uptrend to come.
Based on the technical outlook, Benalec will be starting to make a come back soon, with the nearest resistant to be seen at RM 0.90, while current quick support to be seen at RM 0.65.
Benalec will be looking to trade above the MA 50 line, with RSI showing the urge to inch higher towards the overbought zone (70%).
Benalec will be looking to see first hurdle at RM 0.75, and subsequent to RM 0.90.
Summary of Reference News
- Benalec had submitted a Detailed Environmental Impact Assessment (DEIA) report in late October 2014, and is currently waiting for official approval of the report.
- Benalec expects to obtain approvals for the DEIA in 1Q of 2015 for the Tanjung Piai Integrated Petroleum Hub and Maritime Industrial Park.
- Benalec current on going works includes 240 acres to be reclaimed in Malacca. Oriental Boon Siew start work order in Malacca will add another 415 acres.
- Benalec is sitting on some 400 acres of landbank spanning from Pulau Indah to Malacca.
Source - The Sun Daily
Based on the technical outlook, Benalec will be starting to make a come back soon, with the nearest resistant to be seen at RM 0.90, while current quick support to be seen at RM 0.65.
Benalec will be looking to trade above the MA 50 line, with RSI showing the urge to inch higher towards the overbought zone (70%).
Benalec will be looking to see first hurdle at RM 0.75, and subsequent to RM 0.90.
Summary of Reference News
- Benalec had submitted a Detailed Environmental Impact Assessment (DEIA) report in late October 2014, and is currently waiting for official approval of the report.
- Benalec expects to obtain approvals for the DEIA in 1Q of 2015 for the Tanjung Piai Integrated Petroleum Hub and Maritime Industrial Park.
- Benalec current on going works includes 240 acres to be reclaimed in Malacca. Oriental Boon Siew start work order in Malacca will add another 415 acres.
- Benalec is sitting on some 400 acres of landbank spanning from Pulau Indah to Malacca.
Source - The Sun Daily
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