KUALA LUMPUR (June 18): AllianceDBS Research said SKP Resources Bhd (SKP) was in a position to trade higher and that SKP had on June 17 crossed over the RM1.08 hurdle to reach a day’s high of RM1.13 before settling at RM1.11 (up 3 sen or 2.77%).

In a its evening edition yesterday, the research house said the crossover of the RM1.08 hurdle would likely see SKP trading upward with the next upside target pegged between RM1.23 and RM1.28.

AllianceDBS Research said that risk taking traders could establish a buying position at RM1.09 on a small pullback.

“Once a buying position is established, a stop loss at RM1.06 level must be placed for risk capital protection, and this RM1.06 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 RM140 – RM190 potential profit, you may acquire 1,000 shares with a capital amount of RM1,090 assuming buying order is filled at RM1.09,” it said.