KUALA LUMPUR (March 3): Iskandar Waterfront City Bhd’s counter rose as much as 40 sen or 29% today to RM1.77 on anticipation that a bullish bias may emerge for the stock.
At 3.40pm, the stock had pared some gains to trade at RM1.65, still up 28 sen or 20.4%, after 53.31 million shares were exchanged.
A technical note released by RHB Retail Research today stated that the stock may rise higher after forming a second consecutive “white candle” yesterday.
“Yesterday’s candle can be viewed as a continuation of the bulls extending the rebound from Feb 27’s ‘Bullish Harami’ pattern.
“A bullish bias may emerge at above the RM1.33 level, with an exit set below the RM1.17 threshold,” it said.
Towards the upside, it added, the near-term resistance level is at the RM1.60 level, followed by the RM1.78 level.
The stock, which was just trading at 90 sen on Feb 2, has spiked over 80% since. — theedgemarkets.com