Courts is on the run

After a sharp selloff, Courts has finally staged a strong & sustained rebounce. In the past 3 days, the share price has risen from RM0.515 as at Oct 26 to RM0.725 as at yesterday (Oct 31). In early morning trading today, Courts has gone as high as RM0.82 at 9.40 a.m.

How far can it go? The immediate medium-term downtrend line may post some resistance at RM0.90 and after that, it has to overcome the psychological RM1.00 mark. The market is probably awaiting the announcement of the sale of the majority stake in Courts, which will almost certainly trigger a MGO at the price agreed upon.


















Chart: Courts' weekly chart as at Oct 31