After the
water shortage over the weekend, the market is convinced that the impetus for a quick resolution to the Selangor water concession stalemate must be at hand. With that, KPS & Puncak - the two stocks most closely tied to the Selangor water concession privatization or buyout play - achieve their bull breakout this morning. KPS broke above its flag formation at RM2.10 while Puncak broke above its triangle at RM2.85.
Chart 1: KPS's daily chart as at Sept 5, 2013_9.30am (Source: Quickcharts)
Chart 2: Puncak's daily chart as at Sept 5, 2013_9.30am (Source: Quickcharts)
With this breakout, these stocks may continue with their prior uptrend.
Note:
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, KPS & Puncak.
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