Konsort broke above its strong horizontal resistance at RM1.10 on July 18. In a short 5 days, the stock has run up to its next strong horizontal resistance at RM1.35. This is also the upper boundary of an upward channel that has been guiding the share higher since mid-2010. Unless there is a breakout above RM1.35, Konsort's sharp rally is due for some profit-taking.
Chart 1: Konsort's daily chart as at July 25, 2013_3.15pm (Source: Quickcharts)
Chart 2: Konsort's weekly chart as at July 25, 2013_3.15pm (Source: Quickcharts)
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, Konsort.
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