Evergreen advances 1.08% in early trade

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KUALA LUMPUR (Aug 19): Shares of Evergreen Fibreboard Bhd rose 1.08% in early trade today after AllianceDBS Research said the stock was in position to trade higher.

At 9.10am, Evergreen rose 2 sen to RM1.88 with 386,600 shares traded.

In its evening edition yesterday, the research house said a crossover of the RM1.86 hurdle would likely see Evergreen trading upward with the next upside target pegged between RM2.00 and RM2.07.

“Risk taking traders can establish a buying position at RM1.83 on a small pullback.

“Once a buying position is established, a stop loss at RM1.80 level must be placed for risk capital protection, and this RM1.80 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 RM170 – RM240 potential profit, you may acquire 1,000 shares with a capital amount of RM1,830 assuming buying order is filled at RM1.83,” it said