Follow up on our previous analysis on WASEONG, WASEONG followed the movement in oil price and retraced from its recent peak at RM 0.790. WASEONG traded at RM 0.735 on last Friday with immediate resistance and support at RM 0.82 and RM 0.73 respectively. WASEONG has once again formed a higher low by bouncing off its EMA25 support which provides an indication that WASEONG is still on uptrend. Investors shall continue to monitor closely on the movement of oil price as any weakness in oil price may hurt share price performance. Considering current price level, it is 11.6% gain and 0.7% loss to hit resistance at RM0.82 and support at RM0.73 respectively.

Reason to monitor: Formation of Higher lows pattern

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