WINGTM’s technical picture looks interesting as the share price is approaching the support line of a six-month bullish ascending “Triangle” at around RM2.50, which may attract more buying interest. Although the property developer reported subdue earnings recently, the share prices seem to have found support at the triangle. Furthermore, key indicators such as RSI and Stochastic are exhibiting potential rebound momentum from oversold conditions. Hence, we suggest trader to look for potential upswing cycle and strong buying volume with breakout above RM2.65 as buying signal with targets at RM2.85 and RM3.00. Nonetheless, a strict stop-loss should be pegged at RM2.40.

 

Source: Kenanga