TEBRAU has broken out above its five months downward slopping channel resistance level @RM1.32 after the share price rose as much as 12 sen (intra-day) before settling @RM1.36 (2-bids below Fibonacci resistance). In fact, the share price has formed a long white candlestick with strong buying volume. Key indicators such as RSI and Stochastic have also hooked up positively. As a result, we believe the share price might be biased towards the upside in the short-to-mid term with strong resistances capped at RM1.46 and RM1.54 next. Meanwhile, for short-term trading purposes, a stop-loss level should be pegged at RM1.29 (3-bids below support). 

 

Source: Kenanga