Stock Code : 6483
Price : RM 0.61 (16th January 2015)
Target Price : RM 0.70 (14.7% upside, or 9 cents)
Kenanga had seen forming a base to prepare for an uptrend. Based on the charts, Kenanga had formed a "golden cross" where MA 20 had crossed MA 50, and the current price had just started trading above MA 50, suggesting a start of uptrend wave.
According to Elliot 5 Waves analysis, Kenanga should be entering the 3rd upswing wave, possibly hitting RM 0.65, while consolidating there after before riding the 5th upswing wave that could hit RM 0.70.
Kenanga is currently resting at a good support at the range of RM 0.60.
There is no significant volume at the time being, however, a build up in volume might start to see Kenanga trading above RM 0.61 already.
Price Target : 1st - RM 0.65
2nd - RM 0.70
Reference News
- Mr Chay Wai Leong recent open market purchase.
- Stronger display of 3rd quarter result
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