SLP buying volume expanded, says AllianceDBS Research

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KUALA LUMPUR (Dec 4): AllianceDBS Research said SLP Resources Bhd (SLP) had on Dec 3 crossed over the RM1.22 hurdle to a high of RM1.26 before settling near the day’s high at RM1.25 (up 9 sen or 7.75%).

In its evening edition yesterday, the research house said the crossover of the RM1.22 hurdle would likely see SLP trading upward with the next upside target pegged between RM1.35 and RM1.45.

It said risk taking traders can establish a buying position at RM1.21 on a small pullback.

“Once a buying position is established, a stop loss at RM1.17 level must be placed for risk capital protection, and this RM1.17 is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM40 (excluding brokerage) for RM140 – RM240 potential profit, you may acquire 1,000 shares with a capital amount of RM1,210 assuming buying order is filled at RM1.21,” it said.