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UOB Kay Hian Research Articles

Author: UOBKayHian   |   Latest post: Thu, 18 Oct 2018, 1:08 PM

 

Traders' Corner - Wah Seong Corporation (WSC MK)

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  • Technical BUY on breakout with +24.3% potential return
  • Last price: RM1.34
  • Target price: RM1.59, RM1.69
  • Support: RM1.22
  • Stop-loss: RM1.21

BUY on breakout with a target price of RM1.69 and stop-loss at RM1.21. Recovering from the low of RM1.22, share price has formed bullish candles towards the breakout level of RM1.36. This is consistent with an uptick in the RSI as surging momentum could lift share price in the near term. Additionally, the bullish cross between the +DI and -DI lines implies a significant change in the trend which, in this case, shifted to an upside bias from the previous consolidation mode. A positive closing above RM1.36 should kick-start a new up-leg.

Expected Timeframe: 2 weeks to 2 months

Source: UOB Kay Hian Research - 27 Jul 2018

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Labels: WASEONG

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