Down the Road is the 1984, rock hit for John Fogerty.
So will legendary investor, Koon's call on Can One Bhd, be able to push the stock higher? The stock was last traded at RM3.64.
Some say yes, others say that higher sugar price (up by a third is killing Can One's margins).
Will the old man down the road, hit another jackpot in the accuracy of his calls, after the ACCURATE calls on Gadang and CSC Steel.
KN Kenanga meanwhile expects the stock to fly to RM4 (upside). Read Kenanga's technical call here :
CANONE has been trading along a widening channel over the past six months.
The MACD histogram has staged a bullish crossover albeit still under its zero-line, while uptick in RSI and Stochastic from their oversold position are suggesting that buying momentum is picking up.
Should there be follow-through buying interest, the stock could look to trend further up towards RM3.60 (R1) and possibly retest its previous high level of RM3.80 (R2).
Any decisive break above its multi-month high level of RM3.80 (R2) will see the stock gear further up towards its trend channel resistance of RM4.00 (R3).
