Renewed buying interest in Spring Gallery, says AllianceDBS Research

Spring-Gallery

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KUALA LUMPUR (June 12): AllianceDBS Research said there was renewed buying interest in Spring Gallery Bhd (SGB) and said SGB had on June 11 crossed over the 62.5 sen hurdle to settle at the day’s high of 67 sen (up 8 sen or 13.55%).

In its evening edition yesterday, the research house said the crossover of the 62.5 sen hurdle would likely see SGB trading upward with the next upside target pegged between 73 sen and 75 sen.

“Risk taking traders can establish a buying position at 64 sen on a small pullback.

“Once a buying position is established, a stop loss at 61.5 sen level must be placed for risk capital protection, and this 61.5 sen is to be followed by a trailing stop loss strategy,” it said.