Following LBS and Ouhua, Malton is another penny stock which has the potential to rally further in our opinion. Undoubtedly, any long position initiated at below the major downtrend line is actually a bet against the broader trend. Nevertheless, as the momentum of the last Tuesday’s rally was very strong and also accompanied by the highest volume in at least 10 years, there is a possibility that the stock could eventually violate this major downtrend line in the near future. Traders could consider accumulating the shares in between the RM0.615-RM0.67 area, while it is consolidating last Tuesday’s gains. We are betting that the resistance line will be violated, and therefore, we have set a price target at the RM0.81 level. Our cut-loss level is pegged at below the RM0.615 level or the opening point of last Tuesday’s session.
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