Ideal Sun City rises on renewed buying interest

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KUALA LUMPUR (April 27): Shares of Ideal Sun City Holdings Bhd rose today after AllianceDBS Research said there had been renewed buying interest in Ideal Sun City and explained that the stock had on April 24 crossed over the 55.5 hurdle to a high of 57 sen before settling at 54.5 sen (2 sen, +3.81%).

At 9.45am, Ideal Sun City rose 0.92% or half a sen to 55 sen with 97,200 shares done.

In ite evening edition last Friday, the research house said a crossover of the 55.5 hurdle again would likely see Ideal trading upward with the next upside target pegged between 59 sen and 63 sen.

It said risk taking traders could establish a buying position at RM0.535 on a small pullback.

“Once a buying position is established, a stop loss at 52 sen level must be placed for risk capital protection, and this 52 sen is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM15 (excluding brokerage) for RM55 – RM95 potential profit, you may acquire 1,000 shares with a capital amount of RM535 assuming buying order is filled at 53.5 sen,” it said