Wednesday, February 08, 2012

Sapres- broke above its descending triangle

Sapres broke above its intermediate downtrend line at RM0.95 last Friday. Today, it broke above the horizontal resistance at RM1.08. As such, Sapres is likely to continue with its uptrend. However, since the stock has gained 20 sen since the breakout on Friday, you may want to wait for pullback before making your entry. Good entry level may be at the RM1.08 mark.

Chart 1: Sapres's daily chart as at Feb 8, 2012 (Source: Quickcharts)

Chart 2: Sapres's weekly chart as at Feb 8, 2012 (Source: Quickcharts)

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