After accumulation in early 2019, Kossan found support at RM3.47. On 11 April 2019, the stock retested the support and traded between RM3.47 to RM3.55. On 17 April 2019, the hammer indicated a potential spring and it rallied to RM3.70 on 23 April 2019. On 15 May 2019, the upthrust candle with high volume implied the selling pressure below RM3.80. However, the stock rallied to RM3.85 and found support at RM3.80.
I reckon the stock might continue to rally to RM4.00 with the good quarter result. However, don’t rush in to buy. (Click here for full image)