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.
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.