ALAM (5115) ALAM MARITIM RESOURCES BHD - Daily technical highlights - ALAM
ALAM (Trading Buy, TP @ RM0.36). Yesterday, ALAM rose to a high of RM0.295, before finishing the day up by 1.5 sen (5.5%) to RM0.29 on increased volume. Earlier in December, the share price broke out of its long-term downtrend and had since climbed to a high of RM0.295 before consolidating sideways. With yesterday’s bullish move, the share price has confirmed a “Bullish Pennant” pattern and this signals a continuation of its prior run after a brief pause for breath. Similarly, the MACD has also crossed above its Signal-line to reflect a shift in momentum from bearish to bullish. From here, watch for a retest of the RM0.295 (R1) resistance level. Once taken out, we would then set our sights on RM0.32-0.35 (R2) and RM0.375 (R3) next. Downside appears to be limited with strong support at RM0.27 (S1).
ALAM (5115) ALAM MARITIM RESOURCES BHD - Daily technical highlights - ALAM
Source: Kenanga Research - 7 Feb 2017
