Kencana’s price action last Friday exhibited signs of wanting to rally after weeks of sideways consolidation at above the RM2.10 level. Traders can consider accumulating the shares at above the RM2.10 level and wait for a breakout from the RM2.26 immediate resistance level. We are eyeing the RM2.55 level as the upside target and our cut-loss point is pegged at below the RM2.10 level. At below RM2.10, look for the RM2.00 level as the next support followed by the RM1.87 level. The immediate and mid-term technical outlooks of Kencana are now both aligned with a bullish bias.
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