Chartwise, Bstead has broken above its diamond pattern at RM5.30. The breakout is not convincing as it is not accompanied by high volume. If it can recruit more buying support or if the Pharma rally is due to a positive development that could boost the performance of the Bstead group, then Bstead could continue to rise. Its immediate resistance is at the 'horizontal; line at RM5.70 & then the line connecting its previous 'high' at RM7.50.
As such, Bstead is worth close tracking.
Chart 1: Bstead's weekly chart as at June 19, 2012 (Source: Tradesignum)
Chart 2: Bstead's monthly chart as at June 19, 2012 (Source: Tradesignum)
Note: Pharma had replied to an Unusual Market Action from the Exchange on June 18 by saying that it is not aware of any possible explanation for the sharp rally in the share price.
2 comments:
Hi Alex,
Have you ever considered published a book on trading experiences/ideas/techniques? I do think you have a lot of case studies to put them in... My wish list topic is breakout analysis, after breakout, what to look for (wait for pullback etc, signs), volume explanation, etc....
regards
Kilo
Hi Kilo,
Thank you for the suggestion. I doubt I can sell more than a handful of books on that topics.
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