Last Friday, it was obvious that Lion was trying to crack above the previous high of RM0.20 as its volume surged to the highest level since Sept last year. Considering that the low set in Sept and Dec last year seems like a new a floor for the stock and also yesterday’s breakout attempt, we advise traders to accumulate the shares at above the RM0.185 level and bet on a breakout from the RM0.20 level. This may lead to the share price heading towards the RM0.23 level or even the RM0.25 level, both of which represent our upside targets. Our cut-loss level is pegged at below RM0.185.
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