Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (Sept 27): JHM Consolidation Bhd (JHM) rose 2.92% in active trade this morning following a positive technical outlook on the stock.

At 9.10am, the stock rose 4 sen to RM1.41 with 1.41 million shares done. The stock earlier rose to a high of RM1.45.

AllianceDBS Research said JHM had on Sept 26 gapped up to cross over the RM1.35 hurdle.

In its evening edition Wednesday, the research house said the stock subsequently reached a high of RM1.38 before settling near the day’s high at RM1.37 (up 13 sen or 10.48%).

It said the crossover of the RM1.35 hurdle would likely see JHM trading upward with the next upside target pegged between RM1.44 and RM1.55.

It said risk taking traders can establish a buying position at RM1.33 on a small pullback.

“Once a buying position is established, a stop loss at RM1.30 level must be placed for risk capital protection, and this RM1.30 is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM30 (excluding brokerage) for RM110 – RM220 potential profit, you may acquire 1,000 shares with a capital amount of RM1,330 assuming buying order is filled at RM1.33,” it said.

      Print
      Text Size
      Share