WILLOW rose 2 sen to settle at 69 sen on high volume yesterday. Although there was little news to support the increase in buying volume, we note that the share price has broken out of a “Bullish Pennant” pattern. This provides us with an indication that an uptrend resumption is already underway, and this comes against the backdrop of key momentum indicators, which are improving. All things considered, the technical picture points towards a further move towards 86 sen over the coming weeks. We reckon that traders should aim to take profit 3 bids below this level (at 84.5 sen), while a protective stop-loss should be placed 3 bids below the 65 sen support (at 63.5 sen).

Source: Kenanga