Karambunai

Karambunai Corporation Bhd (KCB). flagship asset is the Nexus Resort & Spa Karambunai, a premier luxury 5-star 485-room international-class resort hotel with a world class 18-hole golf course that lies within a 4,000 acre of eco-sanctuary that is nestled by South China Sea on one end, rolling hills in the center, and a natural cove on the other end. A natural perfection of white sandy beach, wetland, crystal blue cove and natural rain forest.

KCB is also a major property developer in Kota Kinabalu (KK) with its 415 acres of mixed residential and commercial development in Bandar Sierra, which is about 15 minutes drive from KK. KCB also owns 1,363 acres of land in Bukit Unggul Eco-Media City with a 18-hole international class golf course located within close proximity to KL International Airport and Putrajaya.


Within two days its share price moved from 5.5 sens to 12 sens with very high trading volume following an article published on The Malaysian Insider.

Talking about a proposed Integrated Resort (IR) at Karambunai, Sabah, that could potentially include a casino.




Technically it appeared that the March 2009 low can be the bottom for KCB. Since then it has completed its wave (1) & (2). There is a short-term 'double bottoms' formation and a longer-term higher degree 'double bottoms' as shown above.


Today's closing price of 12 sens is 0.5 sen away from its neckline of 12.5 sens. If it can breakaway from the neckline with high volume, the immediate target price is 20 sens. Breaking of the higher degree neckline at 26 sens will see its next price target at 50 sens. However, if the casino talk vaporizes, its stock price will plunge.