Wintoni breached the uptrend line while recovering back above the 50-day MAV line.
With upward bias now potentially increased, traders may consider buying with a TP of MYR0.405 (Apr’s resistance) or MYR.425 (Mar’s resistance).
MYR0.33 can be used to cut loss on a breach to limit downside risk.
It also seems like there’s a bullish breakout in the ‘descending triangle’ pattern, although more often a ‘descending triangle’ follows with a bearish breakdown (when the lower line/support of the triangle is breached) , since it registers lower high
Since retracement from an all-time high of RM0.43 on 22 Apr 2015 to recent low of RM0.325, share price is grossly oversold, inducing imminent technical rebound. Hammer candlestick formed in the oversold region indicated reversal signal. Moreover, reading from MACD, RSI and Slow Stochastics provides ammunition to the buying momentum.
In tandem with the bullish view on ACE market (refer to Trading Idea), we are targeting RM0.395 and RM0.41, with a long-term objective of RM0.43 (all-time high). Immediate supports are pegged at RM0.36 and RM0.35. Cut loss below RM0.34.
Source: Hong Leong Investment Bank Research - 19 May 2015
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Sumatec55
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Posted by Sumatec55 > 2015-05-19 15:25 | Report Abuse
Wintoni breached the uptrend line while recovering back above the 50-day MAV line.
With upward bias now potentially increased, traders may consider buying with a TP of MYR0.405 (Apr’s resistance) or MYR.425 (Mar’s resistance).
MYR0.33 can be used to cut loss on a breach to limit downside risk.
It also seems like there’s a bullish breakout in the ‘descending triangle’ pattern, although more often a ‘descending triangle’ follows with a bearish breakdown (when the lower line/support of the triangle is breached) , since it registers lower high