Monday, March 25, 2013

IHH- uptrend acceleration possible

IHH broke above its irregular upward channel at RM3.55 on good volume. This breakout could signify an acceleration of the present gradual uptrend. Since the closing price at RM3.62 is not substantially higher than the breakout level, gaining a small position in the stock looks like a good bet. If the breakout falters - with the stock slipping back into the upward channel- the play would be deemed to have been aborted. Until then, this could be a potential trading BUY.

Chart: IHH's daily chart as at Mar 25, 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, IHH.

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