Trading Ideas. Kinstel

Accumulation is seen in the price action with the macd creeping up. There is a small gap between 1.25 - 1.27. A breakout from 1.25 will see intermediate support at 1.27.

Trade on anticipation of reversal from downtrend. A breakout from 1.52 is preferred to confirm the reversal. (Thanks to Naruto on the W anticipation)

S1 - 1.20
R1 - 1.27

R2 - 1.33
R3 - 1.39

R4 - 1.52

News. Kinstel

Extracted from the SteelGuru :

Kinsteel to invest proceeds from Perwaja listing
It is reported that Kinsteel Bhd will be able to reap up to MYR 97 million cash raised from the proposed listing of Perwaja Holdings Bhd.Mr Henry Pheng CEO of Perwaja Steel Sdn Bhd said that it would not undertake a capital repayment exercise for its shareholders, as the proceeds raised would be use to develop its downstream steel mills and other capacity expansion activities.Mr Peng said that based on the initial public offering price of MYR 2.90 per share, the listing of Perwaja Holdings will give the company a market capitalization of MYR 1.6 billion, which is one of the largest IPO exercise among the country’s listed steel millers.Mr Pheng who is also the son of Kinsteel’s managing director Tan Sri Pheng Yin Huah, said that post listing of Perwaja Holdings, there would be no changes to the shareholding structure of Kinsteel’s major shareholders. He said that “Kinsteel will still own 37% in Perwaja after the listing, which will allow the company to reap high returns from Perwaja’s operations.”He added that Kinsteel would have the option to up its stake in Perwaja Holdings to 51% by converting its irredeemable convertible unsecured loan stock of 10 sen a piece.Mr Pheng also said that “We do not plan to convert them to stocks immediately, as we can do that within 10 years’ time.”

Kinstel. Breakout!

Congrats to those who traded Kinstel.

2 breakouts since my last posting on Kinstel.

1st breakout was the pennant breakout. The 2nd breakout was from the 1.540 resistance.

3rd breakout in the making? Immediate resistance is seen at 1.640. There was intra-day breakout but price closed at 1.640. Note the upside down kangaroo tail in today's candle. Stochs also hovering above 80 since last week. Took profit at 1.640. :)

News. Singapore's GKG Buys Into Kinstel

Extract from TheStar:
KUALA LUMPUR: Singapore’s GKG Investment Holdings Pte Ltd has emerged as a substantial shareholder of Kinsteel Bhd with a 5.1% stake.
A filing with Bursa Malaysia showed GKG had acquired 46.36 million shares as of April 16.
Kinsteel share price hit a 52-week high of RM1.66 on Jan 8 this year while its 52-week low was 86 sen on Aug 17 last year.
The share is currently trading at RM1.34 and its price-to-earnings ratio is 8.95 times.
According to Bloomberg data, eight research houses have a buy call on the counter. Aseambankers Equity Research has a target price of RM1.45 as at April 10 while SJ Securities Research has a target price of RM2.150, also as at April 10.
Former stockbroker Goh Geok Khim, who founded GK Goh Securities, is the chairman and managing director of GK Goh Holdings Ltd.

Kinstel. Possible Pennant Formation & Breakout?

Possible Pennant formation & breakout? Well, the market has the final say.

Intermediate support : 1.29/1.30

Take note, S2 : 1.20