Riding on the bullish momentum of technology counters, security solutions provider, Extol rose 3 sen or 22.22% yesterday to settle at 16.5 sen. The share price has been inching up in recent days, and has just broken out of an “Inverted Head and Shoulder” pattern. The bullish move marks a continuation of the uptrend and we anticipate the stock to retest its overhead resistance of RM0.18 (R1) over the short term. Should this resistance be taken out, further gains may be expected towards RM0.20 and RM0.22. We suggest that traders should look to buy with RM0.20 TP (3 bids below RM0.215, the inverted head and shoulder measurement target) while employing a stop-loss just below the resistance-turned-support level of RM0.135.

 

Source: Kenanga