Wednesday, January 09, 2013

Canone & Kianjoo broke above their medium-term downtrend line

We can see below the charts of Canone and Kianjoo. In June 2012, Kianjoo had a breakout and a few days later, Canone had a breakout. Four days ago, Kianjoo had a breakout and yesterday Canone had a breakout. In the last breakout, Canone rose from RM2.30 to RM3.10 (RM0.80 or 35%). If Canone can achieve a similar gain, say 80 sen, Canone may be able to hit RM3.30.

Based on the above, Canone may be a trading BUY.

Chart 1: Canone's daily chart as at Jan 8, 2013 (Source: Quickcharts)

Chart 1: Canone's daily chart as at Jan 8, 2013 (Source: Quickcharts)

In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, Canone or Kianjoo.  


luckystock2 said...

Hi Alex ,
Can you comment on Pantech technical outlook ?

Alex Lu said...

Hi luckystock2

Pantec broke above its strong horizontal line at RM0.65-0.67 in late October 2012. After 2 false starts, it seems to be on its way to its previous high of RM0.88 recorded in August 2007.

networking said...

Hi Alex,

What do you think about can-one ? it has reached RM3.50 ? I bouight at RM2.60.Is it a long term or trading buy..

Many thanks

Alex Lu said...

Hi networking

Can-one has broken above its July 2012 high of RM3.12. With this breakout, the stock is at all-time high and it may go even higher. Having said that, the movement of the past two days have been extremely strong- indicating the possibility of a big announcement. Could be a Bonus Issue? Who knows...

Stay with the stock. If you do not have any, you can consider buying on weakness.