Topglov- may have a bullish breakout

Topglov has just broken above the triangle (ABC) at RM5.30 & The horizontal resistance at RM5.35. The next resistance is at the horizontal line RM5.65. If the volume picked up significantly, the breakout could be genuine. Based on this technical consideration, Topglov could be a good trading BUY.


Chart 1: Topglov's daily chart as at July 6, 2011_11.00am (Source: Quickcharts)

However, we should also view this as a possible reversal of the downtrend which has characterized its trading for the past 12-13 months. If this is the reversal comes true, this stock could enter into a new upleg which could send the stock to its recent high of about RM7.00. For its recent results, go to my previous post. A good entry level to this stock is at RM5.35-5.40.


Chart 1: Topglov's weekly chart as at July 6, 2011_11.00am (Source: Quickcharts)