Wednesday, July 14, 2010

Kencana & Waseong may have bullish breakout

Two Oil & Gas stocks have broken above their respective downtrend line. The first stock is Kencana, which has broken above the downtrend line at RM1.50 as well as the strong horizontal line at RM1.52-53. Its next resistance is at RM1.68-70.


Chart 1: Kencana's daily chart as at July 14, 2010_4.10pm (Source: Quickchart)

The next stock is Waseong, which has broken above the downtrend line at RM2.20 as well as the strong horizontal line at RM2.30. Its next resistance is at RM2.40.


Chart 2: Waseong's daily chart as at July 14, 2010_4.15pm (Source: Quickchart)

Based on the technical breakout, Kencana & Waseong could be good trading BUYs.
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2 comments:

  1. cheerWednesday, July 14, 2010 5:43:00 PM

    How do u think Perisai n KNM ?

    ReplyDelete
  2. Alex LuThursday, July 15, 2010 12:29:00 PM

    Hi Cheer,

    I think the Perisai & KNM are trading very near to their strong support level. For Perisai, the support is at RM0.52 [or RM0.50], while for KNM, it is at RM0.50.

    ReplyDelete