KUALA LUMPUR (Sept 24): AllianceDBS Research said Wong Engineering Corp Bhd (Wong) had on Sept 21 tested the 97 sen hurdle before settling at 95.5 sen (up 1.5 sen or 1.59%).

In its evening edition last Friday, the research house said a crossover of the 97 sen hurdle would likely see Wong trading upward with the next upside target pegged between RM1.03 and RM1.05.

It said risk taking traders can establish a buying position at 94.5 sen on a small pullback.

“Once a buying position is established, a stop loss at 93.5 sen level must be placed for risk capital protection, and this 93.5 sen is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM10 (excluding brokerage) for RM95 – RM115 potential profit, you may acquire 1,000 shares with a capital amount of RM945 assuming buying order is filled at 94.5 sen,” it said.