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Thursday, June 26, 2014

PWRoot: Breaking Out?


PWRoot is breaking to the upside of an ascending triangle at RM2.22 (see Chart 1). More importantly, it is on the verge of breaking above a much larger pennant (see Chart 2). As at 3.45pm, it is trading at RM2.25 on a relatively thin volume of 255000 units. For more on PWRoot, go here.


Chart 1: PWRoot's daily chart as at Jun 25, 2014 (Source: Tradesignum)


Chart 2: PWRoot's weekly chart as at Jun 25, 2014 (Source: Tradesignum)

Based on  mildly bullish technical outlook, PWRoot could be a trading BUY.

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, PWRoot.

4 comments:

lai said...

Hi Alex,

May i have your view on Mmode please?

Thanks

Sharinginfoz said...

thanks for sharing. can you provide views on Lii Hen?

Alex Lu said...

Hi lai,

MMODE must surpass its recent high of RM0.77 in order to go higher. Failure to do so could lead to a double-top reversal.

Alex Lu said...

Hi Sharinginfoz

Lii Hen broke above the line connecting its peaks for the past 4 years. Its potential target is RM2.80-3.00.