Bursa Malaysia Stock Watch
Kencana & Waseong may have bullish breakout
kltrader
Publish date: Wed, 14 Jul 2010, 04:43 PM
kltrader
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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.
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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