Monday, March 29, 2010

WTK may be commencing on its uptrend

WTK, a timber stock, may have broken above its flag formation at RM1.26 on good volume this morning. See Chart 1 below.


Chart 1: WTK's daily chart as at Mar 29, 2010_9.10am (Source: Quickcharts)

We can see from Chart 2 below that WTK broke above its downtrend line in early 2009 but that breakout was followed by sideway trading between RM1.00 & RM1.26 for the past 9 months. The current breakout could signal the uptrend for this stock.


Chart 2: WTK's weekly chart as at Mar 29, 2010_9.15am (Source: Quickcharts)

Based on this bullish technical breakout, WTK could be a good trading BUY or for long-term investment.
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9 comments:

  1. AnonymousMonday, March 29, 2010 10:05:00 AM

    bro. will proton break rm5?

    ReplyDelete
  2. ~The Metamorphosis~Monday, March 29, 2010 10:30:00 AM

    Hi Alex, what you think of NOTION? what is the nxt resistance price?

    ReplyDelete
  3. AnonymousMonday, March 29, 2010 10:34:00 AM

    bro. how evergrn fundamental? good for long term investment?

    ReplyDelete
  4. AnonymousMonday, March 29, 2010 10:49:00 AM

    bro. any sign show gpacket will coming soon?

    ReplyDelete
  5. MaxWealth88Monday, March 29, 2010 11:30:00 AM

    hi alex,

    notice there were sectoral plays from tech to water and now timber. in your opinion which sector hasn't move yet?

    thanks
    maxwealth88

    ReplyDelete
  6. Alex LuMonday, March 29, 2010 1:26:00 PM

    Hi Wong,

    Evergreen is fundamentally a good stock but its technical reading is confusing. It has strong "horizontal" resistance at about RM1.80-90. GPacket is trapped in a triangle between RM1.12 & RM1.34.
    Finally, I will post on Proton shortly.

    ReplyDelete
  7. Alex LuMonday, March 29, 2010 1:30:00 PM

    Hi The Metamorphosis,

    NOTION is poised to go higher. Its immediate resistance is at RM3.52. If it can break through this resistance, it may go to RM3.80-4.00.

    ReplyDelete
  8. Alex LuMonday, March 29, 2010 1:38:00 PM

    Hi MaxWealth88,

    I know of some sectors which have not moved up very much- water, stockbroking & timber- but many have doubled or tripled from their low. There is some reports that plywood prices may recover due to Japanese buying to replenished the depleted inventories. The big question is how sustained would this buying be?

    ReplyDelete
  9. MaxWealth88Monday, March 29, 2010 5:41:00 PM

    hi alex,

    thanks for your thoughts.

    coption, your link isn't for M'sian stocks isn't it? tq

    ReplyDelete