Wednesday, May 14, 2014

Benalec: Further upside likely!

Benalec broke above its ascending triangle formation ('ABC') at RM0.95 last week. This morning, it convincingly broke above the psychological RM1.00 mark. With these double bullish breakouts, I believe Benalec is on a recovery mode which could send the stock to RM1.20 or possibly RM1.40.

Based on technical breakout, Benalec could be a good trading BUY.

Chart: Benalec's weekly chart as at May 12, 2014 (Source: Tradesignum)

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, Benalec.

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