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Tuesday, March 18, 2014

Yeelee & Prtasco: Two Cup-with-handle breakouts!

This morning, we can see 2 gainers with good volume which have broken above their respective cup-with-handle formation. The first stock is Yeelee which broke above the handle at RM1.45. This morning it also broke above the line connecting the recent peak. The target for this move will be the point of breakout (RM1.45) and the distance between the right peak of the cup and the bottom of the cup (RM0.65). This will give you a target of RM2.10.


Chart 1: Yeelee's weekly chart as at Mar 17, 2014 (Source: Tradesignum)

The second stock is Prtasco which broke above the handle (at RM1.55) about 4 weeks ago. Its target is estimated to be RM2.15.


Chart 2: Prtasco's weekly chart as at Mar 17, 2014 (Source: Tradesignum)

Based on the above bullish breakout, Yeelee and Prtasco could be goos trading BUY.

For more on Cup-with-handle, check out this write-up in Stockcharts.com and this one in Investopedia.

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, Yeelee & Prtasco.

2 comments:

WK said...

Yeelee's target still intact?

Alex Lu said...

Hi WK,

I maintain my early target for Yeelee at RM2.15.