Stock Code : 8567
Price : RM 0.73 (11th February 2015)
Target Price : RM 0.90 (23% upside, or 17 cents)
Salcon had seen great momentum for the past few days, accommodated with good volume and solid candles. According to the technical indicators, Salcon MA20 had crossed over MA50, and it will be a start of a good uptrend.
The RSI showing a bullish note after remaining above the 70% region. Salcon will be expecting to see a short period of cool down before surging higher.
According to Elliot 5 Waves analysis, Salcon might be on the 3rd and 4th wave now, and final 5th wave will send Salcon higher.
Salcon support can be found at the range of RM 0.66.
Price Target : 1st - RM 0.80
2nd - RM 0.90
Reference News
Langat 2 water treatment plant to contribute positive for the financial year of 2014, 2015, 2016 and 2017 for Salcon
Salcon had a 36% stake in the Langat 2 water treatment plant project
1. The Star - Salcon MMC AZRB JV Start Off
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