Evergreen in position to trade higher, says AllianceDBS Research

Evergreen in position to trade higher, says AllianceDBS Research
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KUALA LUMPUR (Aug 19): AllianceDBS Research said Evergreen Fibreboard Bhd (Evergreen) was in position to trade higher and that Evergreen had on August 18 tested previous day’s low of RM1.75 before settling at the day’s high of RM1.86 (up 8 sen or 4.49%).

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.