Yesterday, BRAHIMS advanced 15 sen to close at RM1.64 on trading volume, which was at a 5-month high. As a result of the bullish move, BRAHIM has broken out of a classic “Ascending Triangle” chart pattern while the key momentum indicators such as the MACD, Stochastic and RSI have all hooked upwards. Combined, the technical picture signals a continuation of the prior uptrend towards RM1.88 (representing the Ascending Triangle measurement objective). Traders who are keen to buy into the stock should also consider placing a stop-loss just below the RM1.54 resistance-turned-support.

 

Source: Kenanga