KUALA LUMPUR (Oct 27): AllianceDBS Research said Press Metal Bhd (PMetal) was in position to trade higher and PMetal had on Oct 26 traded within previous day’s range to form an inside day bar higher before settling at RM2.28 (up 1 sen or 0.44%).

In its evening edition yesterday, the research house said a crossover of the RM2.41 hurdle would likely see PMetal trading upward with the next upside target pegged between RM2.60 and RM2.80.

The research house said risk taking traders can establish a buying position at RM2.26 on a small pullback.

It said once a buying position is established, a stop loss at RM2.23 level must be placed for risk capital protection, and this RM2.23 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 RM340 – RM540 potential profit, you may acquire 1,000 shares with a capital amount of RM2,260 assuming buying order is filled at RM2.26,” it said.