Yesterday, KAMDAR rose 5 sen to close at RM0.80. Interest in the stock
reemerged as investors believe that the stock could benefit from the
coming Ramadan and Hari Raya festive season sales. From a technical
perspective, KAMDAR’s share price resembles the “Bullish Flag” chart
pattern which triggers a technical buy signal when the share price
penetrates the upper trend line resistance with a Bullish “Marubozu”
candlestick. This indicates that there is a strong buying interest at
the current level. We suspect that follow-though buying will surface
over the next few days. Traders who look to buy into the stock should
target to take profit at RM1.01 (3 bids below our “Flagpole” measurement
objective) while setting a protective stop-loss at RM0.70.
Source: Kenanga
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