Penny stocks have been topping the stock exchange’s most active list since early this week. LBS happens to be one of them which might still be able to rebound further from here after the spike up on Wednesday. This is because the stock has just rebounded off a major uptrend line on the weekly chart, and Wednesday’s price action also violated the downtrend channel. These technical developments likely signal the end of its downward consolidation phase and also imply an intention to continue extending the uptrend. Traders can consider accumulating shares on weakness at above the RM0.77 level with upside targets pegged at the RM0.85 level and the RM0.955 level. The cut-loss point is set at below the RM0.715 level.
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