Kencana staged a technical rebound on last Thursday. The share price of Kencana enjoyed a smooth rally since it broke out from the RM0.76 level in Apr 2009. However, after touching a high of RM1.81 in late Jan 2010, the stock turned negative. It succumbed to heavy profit-taking and retreated to a support near RM1.50. Though it managed to sustain at above RM1.50 for months, its technical outlook deteriorated further when it lost RM1.50 in mid May 2010. Nonetheless, it staged a technical rebound on last Thursday, after touching a low of RM1.26.
Kencana Petroleum Berhad : Medium-term Outlook Has Turned Bearish… - 31/5/2010
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