Friday, August 17, 2012

Penergy broke above its long-term downtrend line

Penergy has just broken above its long-term downtrend line at RM1.80. It even tested its horizontal resistance at RM1.95. The stock may consolidate its recent gain around RM1.80, before re-testing the RM1.95 horizontal resistance or even the psychological RM2.00 mark.

Based on bullish technical outlook, Penergy continued to be rated a trading BUY or a HOLD if you have bought earlier.

Chart: Penergy's weekly chart as at Aug 17, 2012_3.00pm (Source: Quickcharts)

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