KUALA LUMPUR (Feb 16): AllianceDBS Research said SKP Resources Bhd (SKPRes) was in position to trade higher and that SKPRes had on Feb 15 crossed over the RM1.38 hurdle to reach an intraday high of RM1.39 before settling at RM1.36 (up 1 sen or 0.74%).

In its evening edition yesterday, the research house said that a crossover of the RM1.38 hurdle again would likely see SKPRes trading upward with the next upside target pegged between RM1.48 and RM1.50.

It said risk taking traders could establish a buying position at RM1.34 on a small pullback.

“Once a buying position is established, a stop loss at RM1.33 level must be placed for risk capital protection, and this RM1.33 is to be followed by a trailing stop loss strategy.

“If you are prepared to take a trading loss risk of RM10 (excluding brokerage) for RM140 – RM160 potential profit, you may acquire 1,000 shares with a capital amount of RM1,340 assuming buying order is filled at RM1.34,” it said.