PWROOT rose 5 sen yesterday to settle at RM1.90 on late session buying. As a result of the bullish move, the share price has broken above its downward-sloping trend line and is now in the midst of retesting the 50- and 100-day SMA (R1) at RM1.92. The low trading volume is our main reservation at this juncture, though we reckon that a convincing move above R1 could trigger a strong buy signal. Beyond the aforementioned RM1.92 resistance, Power Root would have a clear path towards the June/July highs of RM2.30/2.33.

 

Source: Kenanga