Felda Global gains 2.4% on renewed buying interest

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KUALA LUMPUR (Oct 15): Shares in Felda Global Ventures Holdings Bhd (FGV) rose in early trade today after AllianceDBS Research said there was renewed buying interest in FGV and said FGV had on Oct 13 crossed over the RM1.65 hurdle to reach a high of RM1.75 before settling at RM1.68 (up 9 sen or 5.66%).

At 9.26am, FGV rose 4 sen to RM1.71 with 2.76 million shares done.

In its evening edition yesterday, the research house said the crossover of the RM1.65 hurdle would likely see FGV trading upward with the next upside target pegged between RM1.85 and RM2.00.

It said risk taking traders could establish a buying position at RM1.63 on a small pullback.

“Once a buying position is established, a stop loss at RM1.58 level must be placed for risk capital protection, and this RM1.58 is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM50 (excluding brokerage) for RM220 – RM370 potential profit, you may acquire 1,000 shares with a capital amount of RM1,630 assuming buying order is filled at RM1.63,” it said.