Recall that on 24 Dec 2013, we issued a technical buy call on WILLOW (at RM0.69) after the share confirmed a breakout from the “Bullish Pennant” pattern. 4 months down the road, WILLOW has finally reached our technical target price of RM0.85 yesterday on intra-day high. We believe short-term traders may likely take some profit off the table as the share price is close to its uptrend trend channel resistance. Lack of buying volume coupled with the flattish readings from the key indicators suggests that a pullback is expected at the current level. As a result, we feel it is the time to lock-in the profit with a good 23.2% gains.

 

Source: Kenanga