Wednesday, May 25, 2011

PChem has a bullish breakout

PChem broke above its short-term downtrend line at RM7.00 as well as the horizontal resistance at RM7.05 yesterday. This morning, the stock rallied to a high of RM7.21. As you can see from the imtra-day chart below, the immediate resistance is at RM7.20. Based on the bullish breakout, PChem could be a good trading BUY, especially if it pullback to RM7.05-7.10.


Chart: PChem's 60-min chart as at May 25, 2011_9.15am (Source: Quickcharts)

1 comment:

Unknown said...

The resistance of 7.2 very strong, seems like it's hard to break, what's the buy in price?