0306 GMT [Dow Jones] STOCK CALL: OSK technical analyst Shin Kao Jack says Genting Plantations (2291.KU) has been rising steadily above 50-day moving average. "Its share price ascended rather strongly yesterday, suggesting an impending breakout. Traders can consider accumulating the shares at above the strong support of 50-DMA line, which is now situated at the MYR5.60 level," he says. Expects stock to rise to MYR6.60, but anticipates tough resistance at MYR5.90. Below 50-DMA, tips next support at MYR5.25. "Near-term technical outlook for Genting Plantations will remain firmly bullish as long as the stock stays above the 50-DMA," he says. Shares +0.2% at MYR5.90 in thin volume.
Dow Jones Newswires
August 11, 2009 23:06 ET (03:06 GMT)
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