Chart: Petgas's daily chart as at Dec 27, 2011_9.10am (Source: Quickcharts)
Note: I have earlier stated the potential target to be RM17.00. It should be RM16.00- the product of RM14.20 & RM1.80.
Wednesday, December 28, 2011
Petgas- has a bullish breakout
Petgas broke above its 'near' horizontal resistance at RM14.20 yesterday. With this upside breakout, Petgas would continue with its prior uptrend. The target for the next upleg is RM16.00, which is arrived at by adding RM1.80 [the distance between the near horizontal line and the trough of the recent price consolidation] & RM14.20 [the breakout level]. Based on this technical breakout, Petgas could be a good stock for medium-term investment.
Chart: Petgas's daily chart as at Dec 27, 2011_9.10am (Source: Quickcharts)
Note: I have earlier stated the potential target to be RM17.00. It should be RM16.00- the product of RM14.20 & RM1.80.
Chart: Petgas's daily chart as at Dec 27, 2011_9.10am (Source: Quickcharts)
Note: I have earlier stated the potential target to be RM17.00. It should be RM16.00- the product of RM14.20 & RM1.80.
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