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Friday, April 06, 2012
TWSPLNT may have a bullish breakout
TWSPLNT has just broken above the neckline of its inverted Head-&-Shoulder formation at RM5.25. The volume is relatively thin. If you measure the distance between the tip of the Head & the neckline (about RM1.50) & super-impose that to the breakout point at RM5.25, the potential target for this move will be RM6.75. Let's take it as RM6.80.
Chart: TWSPLNT's weekly chart as at April 6, 2012_11.00am (Soure: Quickcharts)
Based on this technical breakout, TWSPLNT could be a trading BUY.
(Note: Due to some delay, the stock has now rallied to RM5.49!)