KOSSAN has been trading in a downtrend for the past four-and-half
months. But recently we noted that the share price has rebounded and
finally broken out from the downtrend line at RM3.88. Yesterday, the
share price jumped 13 sen or 3.3% to settle at RM4.09. The gap between
MACD and Signal line is widening and RSI is hooking upward, indicating
that bullish momentum is underway. Moreover, the share price is well
supported by both 20-SMA and 50-SMA. Should the buying interest
persists, the share price could rally towards RM4.34 (R1) and possibly
RM4.57 (R2) next.
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